22
unemployment rate. Especially, the employment and unemployment thresholds are as-
sessed by bounds of about 1.2 and 2.2 percent, respectively. The ordering is related both
to demographic changes and institutional settings on the labour market, such as the
working of the unemployment benefit system. However, these numbers are only rough
guidelines for the policymakers, as the estimates are hardly stable even in shorter peri-
ods of time.
Acknowledgement. We would like to thank the three anonymous referees for their
helpful comments.
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