[MUSIC] Hello, all together. Welcome to this lecture explaining the KOF Youth Labor Market Index, abbreviated as KOF YLMI. I am Ursula Reynolds. >> And I am Thomas Bally. >> This lecture begins with our motivation for developing the use labor market index. We then delve into the online tool that allows to access the KOF Use Labor Market Index and discuss the data. Next, we'll discuss the components of the index and the methodology of aggregating the index. These allows us to show how results or this plate waste the online tool. An interview with Philip Postella, will end the lecture demonstrating the perspective of a user of the tool. >> I'm excited. Let's dive into the lecture. Can you explain to us the motivation behind developing the Youth Labor Marked Index? >> Yes, I'm happy to do that. The most commonly sided indicator used to describe the youth labor marked situation, is the youth unemployment rate. A lot of policy measures to solve problems on the youth labor market refer to this single indicator. However, while youth unemployment is undoubtedly an important dimension, it can not capture the multi-dimensional nature of the used labor market situation. For example, merely looking at unemployment fails to take into account the quality of work that is being done. This variability is illustrated by plotting the youth unemployment rate against the KOF Youth Labor Market Index. As expected, the two values have a negative relationship. The KOF Index which measures the overall youth labor market situation, decreases as unemployment rises. While this indicates that indeed the market situation gets worse with more youths unemployment. The substantial variation across the average relationship, subggest that the youth unemployment rate, when used alone, is insufficient in describing youth market performance. >> That makes sense to me. Can you show us how to access the KOF Youth Labor Market Index? >> Of course I can. The online tool can be accessed on the KOF homepage under the rubric indicators. So let's go to the KOF website. Thomas, please open forecast and indicator on the navigation line. We have different kind of indicators but we are interested in the KOF Youth Labor Market Index. On the right side below data, please open Project Portal. Start now and you can open the web tool. How can users select which data they want to analyze? This is what we're going to explain you now. The first step consists of choosing among 178 countries. Let's take, for example, Lithuania. And as a choice too, please select Greece. It's also possible to select one of 22 country groups which gives us the average among a group of countries. These countries are grouped according to the geographical location or political association, such as the European Union 28. Please select. As fourth choice, we are looking for developing countries. Before proceeding to the results, you can also choose the year you are interested in. The tool starts in the year 1991 and goes until the latest available data, which we will select now. So to get to the results, please push the button Next Steps. [MUSIC]