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Unemployment And Labor Market Imperfections

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  • LINDBECK, A.

Abstract

Time series of unemployment rates for various countries look like stochastic processes with high probabilities of small disturbances and low probabilities of large disturbances. While the former may be interpreted as standard business cycles the latter usually (or perhaps even always) seem to be related to easily identifiable, dramatic ‘historic events’. Examples of the latter are the deflationary monetary and exchange rate policy in some countries, such as the UK, in the early 1920s (when these countries went back to the gold standard at the old parity), the world-wide Depression in the early 1930s, and the well-known macroeconomic shocks in most developed countries around 1974–5 and, again, around 1979–81. Developments in various countries are illustrated in Figures 4.1–4.4.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Lindbeck, A., 1989. "Unemployment And Labor Market Imperfections," Papers 446, Stockholm - International Economic Studies.
    • Handle: RePEc:fth:stocin:446
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