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Unemployment: Getting the Questions Right--and Some of the Answers

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  • Olivier Jean Blanchard

Abstract

This paper analyzes the issue of persistent high unemployment. It focuses on two channels of persistence. The first is capital accumulation. The paper analyzes investment decisions under imperfect competition, focusing in particular on the effects of demand and cost shocks on investment, capital composition and bankruptcies, and their effect on employment and unemployment. The second is labor supply. The paper analyzes the various channels through which the unemployed may become disenfranchised, leading to higher equilibrium unemployment. In both cases, it briefly reviews and assesses the available empirical evidence. It ends by drawing several implications.

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Bibliographic Info

Paper provided by Massachusetts Institute of Technology (MIT), Department of Economics in its series Working papers with number 502.

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Date of creation: Aug 1988
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Handle: RePEc:mit:worpap:502

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Postal: MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT), DEPARTMENT OF ECONOMICS, 50 MEMORIAL DRIVE CAMBRIDGE MASSACHUSETTS 02142 USA
Phone: (617) 253-3361
Fax: (617) 253-1330
Web page: http://econ-www.mit.edu/
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Postal: MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT), DEPARTMENT OF ECONOMICS, 50 MEMORIAL DRIVE CAMBRIDGE MASSACHUSETTS 02142 USA
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Cited by:
  1. van de Klundert, Theo C. M. J. & van Schaik, Anton B. T. M., 1990. "Unemployment persistence and loss of productive capacity: A Keynesian approach," Journal of Macroeconomics, Elsevier, vol. 12(3), pages 363-380.
  2. Rod Cross & Julia Darby & Jonathan Ireland, 1997. "Uncertainties Surrounding Natural Rate Estimates in the G7," Working Papers 9712, Business School - Economics, University of Glasgow.
  3. V A Muscatelli., 1995. "Flexibility, Structural Change and the Global Economy," Working Papers 9601, Business School - Economics, University of Glasgow, revised Jan 1996.
  4. Salemi, Michael K, 1999. "Estimating the Natural Rate of Unemployment and Testing the Natural Rate Hypothesis," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 14(1), pages 1-25, Jan.-Feb..
  5. Engelbert Stockhammer, 1999. "The Slowdown of Accumulation and the Rise of European Unemployment," Working Papers geewp08, Vienna University of Economics Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
  6. Rod Cross & Douglas Strachan, 2001. "Three Pillars of Conventional Wisdom," Review of Political Economy, Taylor & Francis Journals, vol. 13(2), pages 181-200.
  7. Jakob Madsen & Richard Damania, 2001. "Labour Demand and Wage-induced Innovations: Evidence from the OECD countries," International Review of Applied Economics, Taylor & Francis Journals, vol. 15(3), pages 323-334.
  8. Rama, Martin, 1990. "Empirical investment equations in developing countries," Policy Research Working Paper Series 563, The World Bank.
  9. Rod Cross & Julia Darby & Jonathan Ireland & Laura Piscitelli, 1999. "Hysteresis and Unemployment: a Preliminary Investigation," Computing in Economics and Finance 1999 721, Society for Computational Economics.
  10. Thomas Schwedler, 1991. "Abbau institutioneller Machtfaktoren auf Arbeitsmärkten als Mittel gegen die Arbeitslosigkeit? Einige mikro- und makroökonomische Aspekte der Deregulierungsdiskussion," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 17(2), pages 199-228.
  11. Daniel Oesch & Oliver Lipps, 2011. "Does Unemployment Hurt Less if There Is More of It Around?: A Panel Analysis of Life Satisfaction in Germany and Switzerland," SOEPpapers on Multidisciplinary Panel Data Research 393, DIW Berlin, The German Socio-Economic Panel (SOEP).

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