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A Review of Richard Layard, Stephen Nickell, and Richard Jackman's Unemployment: Macroeconomic Performance and the Labour Market

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  • Olivier Blanchard

Abstract

Unemployment: Macroeconomic Performance and the Labour Market by Richard Layard, Stephen Nickell, and Richard Jackman (Oxford University Press 2005) is the second edition of a book first published in 1991. The second edition is identical to the first except for a long introduction, which reviews the conclusions of the first edition in the light of the following fifteen years. I basically agree with the authors that the book's framework and conclusions have withstood the test of time very well. I then assess progress since 1991 and point to a number of directions in which progress needs to be achieved.

Suggested Citation

  • Olivier Blanchard, 2007. "A Review of Richard Layard, Stephen Nickell, and Richard Jackman's Unemployment: Macroeconomic Performance and the Labour Market," Journal of Economic Literature, American Economic Association, vol. 45(2), pages 410-418, June.
    • Handle: RePEc:aea:jeclit:v:45:y:2007:i:2:p:410-418
    Note: DOI: 10.1257/jel.45.2.410
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    References listed on IDEAS

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    1. Haltiwanger, John C. & Scarpetta, Stefano & Schweiger, Helena, 2006. "Assessing Job Flows across Countries: The Role of Industry, Firm Size and Regulations," IZA Discussion Papers 2450, Institute of Labor Economics (IZA).
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    6. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-444, June.
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    3. Pradeep Mitra & Alexander Muravyev & Mark E. Schaffer, 2008. "Convergence in Institutions and Market Outcomes: Cross-Country and Time-Series Evidence from the BEEPS Surveys in Transition Economies," Discussion Papers of DIW Berlin 847, DIW Berlin, German Institute for Economic Research.
    4. Echavarría-Soto, Juan José & López, Enrique & Ocampo, Sergio & Rodríguez-Niño, Norberto, 2012. "Choques, instituciones laborales y desempleo en Colombia," Chapters, in: Arango-Thomas, Luis Eduardo & Hamann-Salcedo, Franz Alonso (ed.), El mercado de trabajo en Colombia : hechos, tendencias e instituciones, chapter 18, pages 753-794, Banco de la Republica de Colombia.
    5. Gabriel Felbermayr & Wido Geis & Wilhelm Kohler, 2014. "Restrictive Immigration Policy in Germany: Pains and Gains Foregone?," World Scientific Book Chapters, in: European Economic Integration, WTO Membership, Immigration and Offshoring, chapter 12, pages 395-419, World Scientific Publishing Co. Pte. Ltd..
    6. Francesc Obiols-Homs & Virginia Sánchez-Marcos, 2022. "Labor Force Participation, Wages and Turbulence," Working Papers 1347, Barcelona School of Economics.
    7. Epstein, Brendan & Mukherjee, Rahul & Finkelstein Shapiro, Alan & Ramnath, Shanthi, 2020. "Trends in aggregate employment, hours worked per worker, and the long-run labor wedge," MPRA Paper 99289, University Library of Munich, Germany.
    8. Mitra, Pradeep & Muravyev, Alexander & Schaffer, Mark E., 2009. "Convergence in institutions and market outcomes: cross-country and time-series evidence from the business environment and enterprise performance surveys in transition economies," Policy Research Working Paper Series 4819, The World Bank.
    9. Hedvig Horváth & Zoltán Szalai, 2008. "Labour market institutions in Hungary with a focus on wage and employment flexibility," MNB Occasional Papers 2008/77, Magyar Nemzeti Bank (Central Bank of Hungary).
    10. Constantinos Alexiou, 2011. "When the Bough Breaks Making Sense of the Greek Economic Waterloo'," International Journal of Economics and Financial Issues, Econjournals, vol. 1(3), pages 123-132, September.
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