-reaction perspective, in which unemployment movements are viewed as the outcome of the interplay between labor market shocks and prolonged …This paper examines the movements in EU unemployment from two perspectives: a) the NRU/NAIRU perspective, in which … unemployment movements are attributed largely to changes in the long-run equilibrium unemployment rate and (b) the chain …

causes of the unemployment upturn in 1973-1983 and the subsequent decline in 1993-2006. Our results show that (i) the main … determinants of the unemployment rise in the 1970s and early 1980s were wage-push factors, the two oil price shocks and the … increase in interest rates, and (ii) the acceleration in capital accumulation was the crucial driving force of unemployment in …

We distinguish and assess three fundamental views of the labor market regarding the movements in unempoyment: (i) the … that all the shortrun fluctuations automatically turn into long-run changes in the unemployment rate. We assert the … problems faced by these conceptions in explaining the diversity of labor market experiences across the OECD labor markets. We …

The evolution of Spanish unemployment has been quite idiosyncratic. The full-employment levels of the early seventies … were followed by unemployment rates that were the highest within the OECD countries in the aftermath of the oil price … shocks. While unemployment was extremely persistent in most of the eighties and nineties, it experienced its sharpest decline …

reaction theory of unemployment, which focuses on (a) the interaction among labor markets adjustment processes, (b) the … growth drivers. Estimating a system of labor market equations for a panel of EU countries, we derive the dynamic unemployment …This paper presents a reappraisal of unemployment movements in the European Union. Our analysis is based on the chain …

fundamental role in shaping unemployment movements. This role has generally been examined by considering indirect transmission … single-equation unemployment rate models. Here we advocate a different approach. We directly estimate the effects of capital … stock in the labour market by applying the chain reaction theory of unemployment, and we find that capital stock is a major …

This paper explores how extended unemployment insurance (UI) benefits targeted to older workers affect early retirement …

chain reactions, and provides new evidence on the long-run inflation-unemployment tradeoff in the US. It is argued that … inflation/unemployment responses to money growth shocks. SVAR (structural vector autoregression) and GMM (generalised method of … and real sides of the economy are symbiotic. In the light of the significant and robust long-run inflation-unemployment …