Hidden Bibliographic Details
| Other authors / contributors: | Kontolemis, Zenon G.
International Monetary Fund. European I Department.
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| ISBN: | 1451894449
9781451894448
1281600504
9781281600509
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| Notes: | Includes bibliographical references (pages 28-29).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | The consensus view that has emerged in the literature on the rise and persistence of unemployment in Europe during the last quarter-century can be summarized as follows. The rise in unemployment during the 1970s and 1980s was caused by a number of factors, primarily on the demand side (terms-of-trade shocks, a rising tax burden, and perhaps rising real interest rates); but also on the supply side (increasing real wage resistance, due in turn to expanding unemployment benefits and greater union militancy). In addition, once unemployment rose, it persisted at high levels through the late 1980s and 1990s. This can be attributed to persistence in real wage aspirations, negative effects of long spells of unemployment on search intensity and human capital accumulation, extensive employment protection legislation, capital decumulation in response to high wages, and perhaps insider membership dynamics2.
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| Other form: | Print version: Demekas, Dimitri G. Government employment and wages and labor market performance. [Washington, D.C.] : International Monetary Fund, European I Dept., ©1999
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| Standard no.: | 10.5089/9781451894448.001
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