Arbeitspapier
Unemployment in the European Union: institutions, prices, and growth
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.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 493
- Klassifikation
-
Wirtschaft
Unemployment: Models, Duration, Incidence, and Job Search
Mobility, Unemployment, Vacancies, and Immigrant Workers: General
Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
- Thema
-
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
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Karanassou, Marika
Sala, Héctor
Snower, Dennis J.
- Ereignis
-
Veröffentlichung
- (wer)
-
Queen Mary University of London, Department of Economics
- (wo)
-
London
- (wann)
-
2003
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Karanassou, Marika
- Sala, Héctor
- Snower, Dennis J.
- Queen Mary University of London, Department of Economics
Entstanden
- 2003
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