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Unemployment hysteresis is a much discussed and researched topic in   macroeconomics. The present paper examined unemployment hysteresis in five   Estonian regions. It used two panel data methods, namely, the Im-Pesaran-Shin   (IPS) test and the Fourier Im-Pesaran-Shin (FIPS) test. The originality and   value of this paper is that this is the first study that uses the panel unit   root tests to examine unemployment dynamics in the Estonian regions. The   findings revealed that the unemployment rates in the Estonian regions could   be best described as a stationary process. This result is in line with the   natural rate hypothesis. A research implication is that this study has   illustrated that nonlinear tests could be an appropriate approach to examine   unemployment hysteresis because other methods may fail to reject the null   hypothesis. A practical implication of this study is that it sheds light on   the nature of unemployment dynamics in Estonia at the regional level. As the   findings revealed, the unemployment rates in the Estonian regions had the   meanreversion property. Therefore, the higher-than-normal unemployment rates   are likely to return to the natural level even in the absence of intervention   policies initiated by the government or policy makers

Unemployment hysteresis in the “Nordic Kitten”: Evidence from five Estonian regions