Macroeconomic Policy and Unemployment: Empirical Evidence from the Euroland
Î¤he emergence of the neo-liberal doctrine in the European Union (EU), as this is reflected by the prevalence of monetarism and market deregulation, has spawned a wave of criticism to be leveled at the way national macroeconomic policies have been conducted, with more emphasis on the unprecedented high level of unemployment experienced by virtually all EU countries. A theoretical exploration of this new policy orientation is being pursued in an attempt to unveil a potential mechanism responsible for the dire employment record. This paperâ€™s primary aim is to gain an empirical insight into, a somehow forgotten, relationship between capital stock and unemployment. The conducted econometric analysis provides useful empirical results, which support the relevant literature and argues in favour of implementing an alternative, macroeconomic policy in the EU.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Maddala, G S, et al, 1997. "Estimation of Short-Run and Long-Run Elasticities of Energy Demand from Panel Data Using Shrinkage Estimators," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(1), pages 90-100, January.
- André Sapir & Marco Buti, 1998. "Economic policy in EMU," ULB Institutional Repository 2013/8078, ULB -- Universite Libre de Bruxelles.
- Arestis, Philip & Sawyer, Malcolm, 1998. "Keynesian Economic Policies for the New Millennium," Economic Journal, Royal Economic Society, vol. 108(446), pages 181-195, January.
- Swamy, P A V B, 1970.
"Efficient Inference in a Random Coefficient Regression Model,"
Econometric Society, vol. 38(2), pages 311-323, March.
- Tom Doan, "undated". "SWAMY: RATS procedure to compute a GLS matrix weighted estimator for a panel data set," Statistical Software Components RTS00206, Boston College Department of Economics.
- Philip Arestis & Kevin McCauley & Malcolm Sawyer, 2000.
"An Alternative Stability Pact for the European Union,"
- Arestis, Philip & McCauley, Kevin & Sawyer, Malcolm, 2001. "An Alternative Stability Pact for the European Union," Cambridge Journal of Economics, Oxford University Press, vol. 25(1), pages 113-130, January.
- Philip Arestis & Kevin McCauley & Malcolm Sawyer, 2000. "An Alternative Stability Pact for the European Union," Economics Working Paper Archive wp_296, Levy Economics Institute.
- Constantinos Alexiou & Christos Pitelis, 2003. "On capital shortages and European unemployment: a panel data investigation," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 25(4), pages 613-640, July.
- Scott, M F, 1992. "Policy Implications of 'A New View of Economic Growth.'," Economic Journal, Royal Economic Society, vol. 102(412), pages 622-632, May.
- Donald Robertson & James Symons, 1991.
"Some Strange Properties of Panel Data Estimators,"
CEP Discussion Papers
dp0044, Centre for Economic Performance, LSE.
- Swamy, P A V B & Tavlas, George S, 1995.
" Random Coefficient Models: Theory and Applications,"
Journal of Economic Surveys,
Wiley Blackwell, vol. 9(2), pages 165-196, June.
- P. A. V. B. Swamy & George S. Tavlas, 1993. "Random coefficient models: theory and applications," Finance and Economics Discussion Series 93-14, Board of Governors of the Federal Reserve System (U.S.).
- Paul M Romer, 1999.
"Increasing Returns and Long-Run Growth,"
Levine's Working Paper Archive
2232, David K. Levine.
- Pesaran, M.H. & Smith, R., 1992.
"Estimating Long-Run Relationships From Dynamic Heterogeneous Panels,"
Cambridge Working Papers in Economics
9215, Faculty of Economics, University of Cambridge.
- Pesaran, M. Hashem & Smith, Ron, 1995. "Estimating long-run relationships from dynamic heterogeneous panels," Journal of Econometrics, Elsevier, vol. 68(1), pages 79-113, July.
- Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
- Constantinos Alexiou, 2002.
"An Econometric Investigation into the Macroeconomic Relationship between Investment and Saving: Evidence from the EU Region,"
455, Queen Mary University of London, School of Economics and Finance.
- Constantinos Alexiou, 2004. "An Econometric Investigation into the Macroeconomic Relationship between Investment and Saving: Evidence from the EU Region," International Review of Applied Economics, Taylor & Francis Journals, vol. 18(1), pages 1-14.
- Edmund S. Phelps, 1968. "Money-Wage Dynamics and Labor-Market Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 76, pages 678-678.
- Kenen,Peter B., 1995. "Economic and Monetary Union in Europe," Cambridge Books, Cambridge University Press, number 9780521558839, December.
When requesting a correction, please mention this item's handle: RePEc:ags:reapec:143487. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.