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Persistent unemployment and co-ordination issues: an evolutionary perspective

Author

Listed:
  • Mario Amendola

    (UNIROMA - Università degli Studi di Roma "La Sapienza" = Sapienza University [Rome])

  • Jean-Luc Gaffard

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

In this paper we look at unemployment as a phenomenon which reflects the co-ordination problems that characterize out-of-equilibrium processes of adjustment. The analysis carried out shifts the focus from structural factors to the economic process. It shows that unemployment cannot be satisfactorily explained – and policy interventions devised – by focusing only on specific characters of the technology or confining the analysis to structural factors concerning the labour market. The co-ordination mechanisms of adjustment processes rather than the fundamentals of the economy appear, in this light, as the main determinants of differences in unemployment trends in different economies; and monetary policy comes back to the center of the stage as an essential element of the working of these mechanisms.

Suggested Citation

  • Mario Amendola & Jean-Luc Gaffard, 2003. "Persistent unemployment and co-ordination issues: an evolutionary perspective," SciencePo Working papers Main hal-03426664, HAL.
    • Handle: RePEc:hal:spmain:hal-03426664
    DOI: 10.1007/s00191-003-0141-4
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03426664
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    Citations

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    Cited by:

    1. Michel Aglietta & Vladimir Borgy & Jean Chateau & Michel Juillard & Jacques Le Cacheux & Gilles Le Garrec & Vincent Touzé & Jérôme Creel & Jean-Paul Fitoussi, 2006. "Potential growth in the EU and the global economy: New analytical insights & prospects from ageing and catching-up," Working Papers hal-01072184, HAL.
    2. repec:hal:spmain:info:hdl:2441/4423 is not listed on IDEAS
    3. De-Chih Liu, 2023. "Unemployment persistence with an evolutionary perspective: job creation or destruction (or both)?," Evolutionary and Institutional Economics Review, Springer, vol. 20(1), pages 83-109, April.
    4. Jean-Luc Gaffard, 2005. "Le chômage est-il soluble dans des réformes structurelles ?," SciencePo Working papers Main hal-01020609, HAL.
    5. Jean-Luc Gaffard, 2003. "Promouvoir la croissance en Europe : vérités et mystifications. Critique du rapport d'A. Sapir présenté à la Commission européenne en juillet 2003 : 'An Agenda for a Growing Europe. Making the EU Econ," SciencePo Working papers Main hal-01019489, HAL.

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