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Unemployment in the European Union: A dynamic reappraisal

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dc.creator Karanassou, Marika
dc.creator Sala, Héctor
dc.creator Snower, Dennis J.
dc.date 2003
dc.date.accessioned 2013-10-16T06:07:24Z
dc.date.available 2013-10-16T06:07:24Z
dc.date.issued 2013-10-16
dc.identifier Economic modelling 0264-9993 20 2003 2 237-273
dc.identifier http://hdl.handle.net/10419/2933
dc.identifier ppn:361865112
dc.identifier RePEc:zbw:ifwkie:2933
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/2933
dc.description This paper examines the movements in EU unemployment from two perspectives: (a) the NRU/NAIRU perspective, in which unemployment movements are attributed largely to changes in the long-run equilibrium unemployment rate and (b) the chain-reaction perspective, in which unemployment movements are viewed as the outcome of the interplay between labor market shocks and prolonged lagged adjustment processes. We present an empirical analysis that distinguishes between unemployment movements arising from long-run equilibrium changes and those arising from lagged intertemporal adjustments. This analysis has far-reaching policy implications. Our analysis shows that the rise in EU unemployment over the 1970s and first part of the 1980s was due largely to permanent shocks (especially the rise in working-age population and the decline in capital formation), whereas the unemployment increase in the first part of the 1990s was due largely to temporary shocks (especially the fall in competitiveness and the rise in real interest rates).
dc.language eng
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject J32
dc.subject J60
dc.subject J64
dc.subject E30
dc.subject E37
dc.subject ddc:330
dc.subject Unemployment , natural rate , NAIRU , labor market shocks , employment , labor force participation , wage determination , intertemporal adjustments
dc.subject Arbeitslosigkeit
dc.subject Natürliche Arbeitslosigkeit
dc.subject Schock
dc.subject Erwerbspersonenpotenzial
dc.subject EU-Staaten
dc.title Unemployment in the European Union: A dynamic reappraisal
dc.type doc-type:article


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