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The Unemployment Problem: A Norwegian Perspective

Listed author(s):
  • Steinar Holden

This paper lays out a simple open economy macromodel based on the recent literature on imperfect competition and equilibrium unemployment. It is shown that the NAIRU is not a clearcut concept in the open economy framework. Furthermore, it is argued that the self-correcting mechanisms in the economy are weak, so that the actual rate of unemployment may deviate considerably from the NAIRU over long periods. The theoretical discussion is illustrated by recent Norwegian experience. The paper also investigates the costs and benefits of incomes policies in unionised economies. Finally, there is a discussion of various aspects of the Norwegian labour market and Norwegian labour market policies ... Cet article présente un modèle macro-économique simple, dérivé de la littérature récente sur la concurrence imparfaite et le chômage d’équilibre, représentatif d’une économie ouverte sur l’extérieur. Dans ce cadre d’économie ouverte, on montre que le NAIRU n’est pas un concept dépourvu d’ambiguïté. De plus il est indiqué que, compte tenu de la faiblesse des mécanismes auto-équilibrants dans l’économie, le taux de chômage effectif peut s’écarter sensiblement du NAIRU durant de longues périodes. La discussion théorique est illustrée par l’expérience récente de la Norvège. L’article fait également l’analyse des coûts et des avantages des politiques de revenus dans les économies où les syndicats jouent un rôle important. Enfin, ce papier discute divers aspects du marché du travail et des politiques qui affectent le marché du travail en Norvège ...

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Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 172.

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Date of creation: 01 Jan 1997
Handle: RePEc:oec:ecoaaa:172-en
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