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dc.contributor.authorKaranassou, Marikaen_US
dc.contributor.authorSala, Héctoren_US
dc.contributor.authorSnower, Dennis J.en_US
dc.date.accessioned2009-01-28T14:28:00Z-
dc.date.available2009-01-28T14:28:00Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/3269-
dc.description.abstractThis 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 market 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 longrun 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.en_US
dc.language.isoengen_US
dc.publisherCESifo GmbH München-
dc.publisherCESifo working paper series 1247-
dc.relation.ispartofseriesCESifo working papers 1247en_US
dc.subject.jelE30en_US
dc.subject.jelJ64en_US
dc.subject.jelE37en_US
dc.subject.jelJ32en_US
dc.subject.jelJ60en_US
dc.subject.ddc330-
dc.subject.keywordUnemploymenten_US
dc.subject.keywordNatural rate-
dc.subject.keywordLabor market shocks-
dc.subject.keywordChain reaction theory-
dc.subject.keywordEmployment-
dc.subject.keywordLabor force participation-
dc.subject.keywordWage determination-
dc.subject.stwArbeitslosigkeiten_US
dc.subject.stwHysteresisen_US
dc.subject.stwSchocken_US
dc.subject.stwArbeitsmarktflexibilisierungen_US
dc.subject.stwInternationaler Wettbewerben_US
dc.subject.stwKonjunkturen_US
dc.subject.stwSchätzungen_US
dc.subject.stwEU-Staatenen_US
dc.titleUnemployment in the European Union: Institutions, prices, and growthen_US
dc.typeWorking Paperen_US
dc.identifier.ppn39291493Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich
Publikationen von Forscherinnen und Forschern des IfW

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