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European Unemployment: The Evolution of Facts and Ideas

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  • Olivier Blanchard

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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  10. Blanchard, Olivier J & Galí, Jordi, 2005. "Real Wage Rigidities and the New Keynesian Model," CEPR Discussion Papers 5375, C.E.P.R. Discussion Papers.
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  12. Olivier J. Blanchard & Lawrence H. Summers, 1984. "Perspectives on High World Real Interest Rates," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 15(2), pages 273-334.
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  14. Blanchard, Olivier Jean & Landier, Augustin, 2002. "The Perverse Effects of Partial Labor Market Reform: Fixed Duration Contracts in France," Open Access publications from University of Toulouse 1 Capitole http://neeo.univ-tlse1.fr, University of Toulouse 1 Capitole.
  15. Olympia Bover & Pilar García-Perea & Pedro Portugal, 1998. "A Comparative Study of The Portuguese and Spanish Labour Markets," Working Papers w199801, Banco de Portugal, Economics and Research Department.
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