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dc.contributor.authorKaranassou, Marikaen
dc.contributor.authorSala, Héctoren
dc.contributor.authorSnower, Dennis J.en
dc.date.accessioned2009-01-28T14:28:00Z-
dc.date.available2009-01-28T14:28:00Z-
dc.date.issued2004-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1247en
dc.subject.jelE30en
dc.subject.jelJ64en
dc.subject.jelE37en
dc.subject.jelJ32en
dc.subject.jelJ60en
dc.subject.ddc330en
dc.subject.keywordUnemploymenten
dc.subject.keywordLabor market shocksen
dc.subject.keywordChain reaction theoryen
dc.subject.keywordEmploymenten
dc.subject.keywordLabor force participationen
dc.subject.keywordWage determinationen
dc.subject.keywordNatural rateen
dc.subject.stwArbeitslosigkeiten
dc.subject.stwHysteresisen
dc.subject.stwSchocken
dc.subject.stwArbeitsmarktflexibilisierungen
dc.subject.stwInternationaler Wettbewerben
dc.subject.stwKonjunkturen
dc.subject.stwSchätzungen
dc.subject.stwEU-Staatenen
dc.titleUnemployment in the European Union: Institutions, prices, and growth-
dc.typeWorking Paperen
dc.identifier.ppn856735906en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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