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The Swedish unemployment experience

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  • Bertil Holmlund

Abstract

By international standards, unemployment in Sweden remained remarkably low throughout the 1970s and the 1980s. In the early 1990s, however, the unemployment rate increased sharply and hit double-digit levels. The paper argues that the steep rise in unemployment was mainly the result of a series of adverse macroeconomic shocks, partly self-inflicted by bad policies, and partly caused by unfavourable international developments. The extremely contractionary monetary policy in 1992 appears to have had strong and long-lasting effects on unemployment. Institutional factors do not appear as convincing explanations of the steep rise in unemployment in the early 1990s. Copyright 2009, Oxford University Press.

Suggested Citation

  • Bertil Holmlund, 2009. "The Swedish unemployment experience," Oxford Review of Economic Policy, Oxford University Press, vol. 25(1), pages 109-125, Spring.
  • Handle: RePEc:oup:oxford:v:25:y:2009:i:1:p:109-125
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    File URL: http://hdl.handle.net/10.1093/oxrep/grp002
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    Cited by:

    1. Sánchez-Romero, Miguel & d׳Albis, Hippolyte & Prskawetz, Alexia, 2016. "Education, lifetime labor supply, and longevity improvements," Journal of Economic Dynamics and Control, Elsevier, vol. 73(C), pages 118-141.
    2. Erixon, Lennart, 2011. "Under the influence of traumatic events, new ideas, economic experts and the ICT revolution - the economic policy and macroeconomic performance of Sweden in the 1990s and 2000s," Research Papers in Economics 2011:25, Stockholm University, Department of Economics.

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