Revisiting European Unemployment
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Author | : Olivier J. Blanchard |
Publisher | : Economic and Social Reseach Institute (ESRI) |
Total Pages | : 66 |
Release | : 1998 |
Genre | : Business & Economics |
ISBN | : |
Abstract: This paper starts from two sets of facts about Continental Europe. The first is the steady increase in unemployment since the early 1970s. The second is the evolution of the capital share, an initial decline in the 1970s, followed by a much larger increase since the mid-1980s. The paper then develops a model of capital accumulation, unemployment and factor prices. Using this model to look at the data, it reaches two main conclusions: The initial increase in unemployment, from the mid-1970s to the mid-1980s, was mostly due to a failure of wages to adjust to the slowdown in underlying factor productivity growth. The initial effect was to decrease profit rates and capital shares. Over time, the reaction of firms was to reduce capital accumulation and move away from labor, leading to a steady increase in unemployment, and a recovery of the capital share. The reason why wage moderation, clearly evident in the data since the mid-1980s, has not led to a decrease in unemployment is that another type of shift has been at work, this time on the labor demand side. At a given wage and a given capital stock firms have steadily decreased employment. The effect of this adverse shift in labor demand has been to lead to both continued high unemployment, and increasing capital shares. What lies behind this shift in labor demand? There are two potential lines of explanation. The first is shifts in the distribution of rents away from workers, for example, the elimination of chronic excess employment by firms. The second explanation points to technological bias: firms in Continental Europe are introducing technologies biased against labor and towards capital.
Author | : Olivier Blanchard (économiste.) |
Publisher | : |
Total Pages | : 39 |
Release | : 1998 |
Genre | : |
ISBN | : |
Author | : Giuseppe Bertola |
Publisher | : |
Total Pages | : 40 |
Release | : 2016 |
Genre | : Labor market |
ISBN | : |
This paper painstakingly restores a vintage empirical model of unemployment determination by interacting shocks and institutions, and runs it on recent data featuring dramatic shocks and controversial institutional change. Theoretical insights and empirical results suggest that reforms and capital flows contribute sensible and interrelated explanations for the recent twists and turns of unemployment rates in Europe and elsewhere.
Author | : Lars Ljungqvist |
Publisher | : |
Total Pages | : 21 |
Release | : 2004 |
Genre | : Matching theory |
ISBN | : |
Author | : Jordi Galí |
Publisher | : |
Total Pages | : 38 |
Release | : 2015 |
Genre | : Economics |
ISBN | : |
The unemployment rate in the euro area appears to contain a significant nonstationary component, suggesting that some shocks have permanent effects on that variable. I explore possible sources of this nonstationarity through the lens of a New Keynesian model with unemployment, and assess their empirical relevance.
Author | : Centre for Economic Policy Research (Great Britain) |
Publisher | : Centre for Economic Policy Research |
Total Pages | : 166 |
Release | : 1995 |
Genre | : Business & Economics |
ISBN | : 9781898128144 |
Covers mainly the period from 1970 to 1993.
Author | : |
Publisher | : |
Total Pages | : |
Release | : 2015 |
Genre | : |
ISBN | : |
Author | : Horst Entorf |
Publisher | : Springer Science & Business Media |
Total Pages | : 232 |
Release | : 1998 |
Genre | : Business & Economics |
ISBN | : 9783540640561 |
The peristence of European unemployment stands in striking contrast to the cyclical pattern of unemployment in the US. Many people attribute the rise in European unemployment to increased imbalances between the pattern of labour demand and supply - in other words, to greater mismatch, but existing mismatch indicators do not support this view. However, the obvious inference is not legitimate because the evidence is based on trended data, and thus gives rise to spurious statistical results. To get around the problem, the author uses the dynamic flow approach to structural unemployment and disaggregated data. The reader will find new results on "non-spurious" mismatch tendencies, occupational reallocation, the matching of apprentices, and the importance of matching and mobility for wage differentials.
Author | : S. J. Nickell |
Publisher | : |
Total Pages | : 46 |
Release | : 2003 |
Genre | : Unemployment |
ISBN | : 9780753016381 |
Author | : Industrial Democracy in Europe. International Research Group |
Publisher | : Clarendon Press |
Total Pages | : 232 |
Release | : 1993 |
Genre | : Business & Economics |
ISBN | : |
The Industrial Democracy in Europe team (IDE) here reports their findings on the extent of industrial democracy in ten European countries during the previous decade. By any standards the 1980s were a decade of change and turbulence--a shift in political power, the implementation of information technology, unemployment rate growth, and increasing competition. It is particularly useful to have a longitudinal research project that analyzes the changes in particulation schemes. The research team have looked at ten European countries (including Poland and Yugoslavia) and also comment on the situation in Israel and Japan.