Please use this identifier to cite or link to this item:
http://dspace.mediu.edu.my:8181/xmlui/handle/10419/3115| Title: | Unemployment in the European Union: institutions, prices, and growth |
| Keywords: | J64 J60 J32 E37 E30 ddc:330 Unempolyment ; natural rate ; labor market shocks ; chain reaction theory ; employment ; labor force participation ; wage determination Arbeitslosigkeit Hysteresis Schock Arbeitsmarktflexibilisierung Internationaler Wettbewerb Konjunktur Schätzung EU-Staaten |
| Issue Date: | 16-Oct-2013 |
| Publisher: | Department of Economics, Queen Mary College London |
| Description: | This paper presents a reappraisal of unemployment movements in the European Union. Our analysis is based on the chain reaction theory of unemployment, which focuses on (a) the interaction among labor markets adjustment processes, (b) the interplay between these adjustment processes and the dynamic structure of labor market shocks, and (c) the interaction between the adjustment processes and economic growth. We divide the shocks into institutional variables, price variables, and growth drivers. Estimating a system of labor market equations for a panel of EU countries, we derive the dynamic unemployment responses to each shock. Our analysis permits us to distinguish between the short- and long-run effects of the shocks. Different shocks generate different degrees of "unemployment persistence" (responses to temporary shocks) and "unemployment responsiveness" (responses to permanent shocks). We find that the growth drivers play a dominant role in accounting for the main swings in EU unemployment. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/3115 |
| Other Identifiers: | http://hdl.handle.net/10419/3115 ppn:377048658 |
| Appears in Collections: | EconStor |
Files in This Item:
There are no files associated with this item.
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.