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European Unemployment: The Evolution of Facts and Ideas

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Olivier Blanchard

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Abstract

In the 1970s, European unemployment started increasing. It increased further in the 1980s, to reach a plateau in the 1990s. It is still high today, although the average unemployment rate hides a high degree of heterogeneity across countries. The focus of researchers and policy makers was initially on the role of shocks. As unemployment remained high, the focus has progressively shifted to institutions. This paper reviews the interaction of facts and theories, and gives a tentative assessment of what we know and what we still do not know.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 11750.

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Date of creation: Nov 2005
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Handle: RePEc:nbr:nberwo:11750

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Find related papers by JEL classification:
E24 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
J6 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies

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