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

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  • Olivier Jean Blanchard

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.

Suggested Citation

  • Olivier Jean Blanchard, 1988. "Unemployment: Getting the Questions Right - and some of the answers," NBER Working Papers 2698, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:2698
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    1. Rama, Martin, 1990. "Empirical investment equations in developing countries," Policy Research Working Paper Series 563, The World Bank.
    2. van de Klundert, Theo C. M. J. & van Schaik, Anton B. T. M., 1990. "Unemployment persistence and loss of productive capacity: A Keynesian approach," Journal of Macroeconomics, Elsevier, vol. 12(3), pages 363-380.
    3. 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..
    4. 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.
    5. Rod Cross & Julia Darby & Jonathan Ireland, 1997. "Uncertainties Surrounding Natural Rate Estimates in the G7," Working Papers 9712, Business School - Economics, University of Glasgow.
    6. Jakob Madsen & Richard Damania, 2001. "Labour Demand and Wage-induced Innovations: Evidence from the OECD countries," International Review of Applied Economics, Taylor & Francis Journals, vol. 15(3), pages 323-334.
    7. Daniel Oesch & Oliver Lipps, 2011. "Does Unemployment Hurt Less if There Is More of It Around?: A Panel Analysis of Life Satisfaction in Germany and Switzerland," SOEPpapers on Multidisciplinary Panel Data Research 393, DIW Berlin, The German Socio-Economic Panel (SOEP).
    8. V A Muscatelli., 1995. "Flexibility, Structural Change and the Global Economy," Working Papers 9601, Business School - Economics, University of Glasgow, revised Jan 1996.
    9. Engelbert Stockhammer, 2004. "Is there an equilibrium rate of unemployment in the long run?," Review of Political Economy, Taylor & Francis Journals, vol. 16(1), pages 59-77.
    10. Engelbert Stockhammer, 1999. "The Slowdown of Accumulation and the Rise of European Unemployment," Working Papers geewp08, Vienna University of Economics and Business Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
    11. Antonio Rodriguez-Gil, 2018. "Hysteresis and labour market institutions. Evidence from the UK and the Netherlands," Empirical Economics, Springer, vol. 55(4), pages 1985-2025, December.
    12. Thomas Schwedler, 1991. "Abbau institutioneller Machtfaktoren auf Arbeitsmärkten als Mittel gegen die Arbeitslosigkeit?," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 17(2), pages 199-227.
    13. van de Klundert, T.C.M.J. & van Schaik, A.B.T.M., 1990. "Unemployment persistence and loss of productive capacity : A Keynesian approach," Other publications TiSEM 186d7b1e-4d04-4728-b807-d, Tilburg University, School of Economics and Management.
    14. Rod Cross & Douglas Strachan, 2001. "Three Pillars of Conventional Wisdom," Review of Political Economy, Taylor & Francis Journals, vol. 13(2), pages 181-200.
    15. van de Klundert, T.C.M.J. & van Schaik, A.B.T.M., 1989. "Unemployment persistence and loss of productive capacity : A Keynesian approach," Other publications TiSEM c0b1af87-3e70-4128-8c48-c, Tilburg University, School of Economics and Management.
    16. Thomas Schwedler, 1991. "Abbau institutioneller Machtfaktoren auf Arbeitsmärkten als Mittel gegen die Arbeitslosigkeit? Einige mikro- und makroökonomische Aspekte der Deregulierungsdiskussion," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 17(2), pages 199-228.

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