The Role of Shocks and Institutions in the Rise of European Unemployment
The Aggregate Evidence
Bibliographic Data
| ID | 9703358 |
|---|---|
| Authors | Olivier Blanchard (0000-0003-1308-3207, MIT and NBER), Justin Wolfers (0000-0001-7939-103X, Harvard University) |
| Year | 2000 |
| Volume | 110 |
| Issue | 462 |
| Pages | C1-C33 |
| Publication date | 2000-03-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/1468-0297.00518 |
| OpenAlex | W3121721370 |
| Language | EN |
| Citations received | 229 |
| References cited | 5 |
Two key facts about European unemployment must be explained: the rise in unemployment since the 1960s, and the heterogeneity of individual country experiences. While adverse shocks can potentially explain much of the rise in unemployment, there is insufficient heterogeneity in these shocks to explain cross-country differences. Alternatively, while explanations focusing on labour market institutions explain current heterogeneity well, many of these institutions pre-date the rise in unemployment. Based on a panel of institutions and shocks for 20 OECD nations since 1960 we find that the interaction between shocks and institutions is crucial to explaining both stylised facts
Aggregate (composite · Aggregate demand · Demographic economics · Economics · Macroeconomics · Monetary policy · Unemployment · Firm Innovation and Growth · Italy: Economic History and Contemporary Issues · Labor market dynamics and wage inequality
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| Unique citing works | 229 |
|---|---|
| Citations per year | 8,81 |
| Citation span | 2000 - 2026 (27) |
| Citation velocity | current |
| Highly cited | Yes |
| Citation types | Neutral: 226 |