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An economists' Manifesto on unemployment in the European Union

Author

Listed:
  • F. MODIGLIANI

    (Massachussetts Institute of Technology)

  • J.-P. FITOUSSI

    (Observatoir Francais de la Conjoncture Économique)

  • B. MORO

    (Universita' degli Studi di Cagliari)

  • D. SNOWER

    (Birbeck College)

  • R. SOLOW

    (Massachussetts Institute of Technology)

  • A. STEINHERR

    (European Investment Bank)

  • P. SYLOS LABINI

    (Universita' degli Studi di Roma "La Sapienza")

Abstract

In this Manifesto, we make a set of proposals to fight unemployment in the EU. We believe that the European unemployment problem needs to be attacked on two fronts: through a broad spectrum of supply-side policies and the demand management policy. The expansion of aggregate demand is necessary to increase both investment and employment. However, unless supply-side measures are also taken, demand expansion can result in more inflation instead of more employment, because of the mismatch between the demand and supply of labour. What is important to stress is that both demand and supply-side policies must be adopted together by all European countries, in order both to avoid beggar-thy-neighbor problems and, at the same time, to catch all the possible complementary effects of these policies.

Suggested Citation

  • F. Modigliani & J.-P. Fitoussi & B. Moro & D. Snower & R. Solow & A. Steinherr & P. Sylos Labini, 1998. "An economists' Manifesto on unemployment in the European Union," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 51(206), pages 327-361.
  • Handle: RePEc:psl:bnlqrr:1998:35
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    Keywords

    Economic aspects; Employment; Unemployment; European Union;

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General

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