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Unemployment: Getting the Questions Right - and some of the answers

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Olivier Jean Blanchard

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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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2698.

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Date of creation: Sep 1988
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Handle: RePEc:nbr:nberwo:2698

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  1. 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. [Downloadable!]
  2. Rebecca M. Blank, . "Is There a Trade-off between Unemployment and Inequality? No Easy Answers: Labor Market Problems in the United States versus Europe," Economics Public Policy Brief Archive 33, Levy Economics Institute, The. [Downloadable!]
  3. Rama, Martin, 1990. "Empirical investment equations in developing countries," Policy Research Working Paper Series 563, The World Bank. [Downloadable!]
  4. Engelbert Stockhammer, 1999. "The Slowdown of Accumulation and the Rise of European Unemployment," Working Papers geewp08, Vienna University of Economics and B.A. Research Group: Growth and Employment in Europe: Sustainability and Competitiveness. [Downloadable!]
  5. 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.. [Downloadable!]
  6. Rod Cross & Julia Darby & Jonathan Ireland, 1997. "Uncertainties Surrounding Natural Rate Estimates in the G7," Working Papers 9712, Department of Economics, University of Glasgow. [Downloadable!]
  7. Rod Cross, Douglas Strachan, 2001. "Three Pillars of Conventional Wisdom," Review of Political Economy, Taylor and Francis Journals, vol. 13(2), pages 181-200, April. [Downloadable!] (restricted)
  8. V A Muscatelli., 1995. "Flexibility, Structural Change and the Global Economy," Working Papers 9601, Department of Economics, University of Glasgow, revised Jan 1996. [Downloadable!]
  9. Jakob B. Madsen, Richard Damania, 2001. "Labour Demand and Wage-induced Innovations: evidence from the OECD countries," International Review of Applied Economics, Taylor and Francis Journals, vol. 15(3), pages 323-334, July. [Downloadable!] (restricted)
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