Natural-Rate Theory And Oecd Unemployment  

Oleh:

Phelps, Edmund S. ; Zoega, Gyli

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 108 no. 448 (May 1998), page 782-801.
Fulltext: 782.pdf (388.15KB)

Isi artikel

Our mission is to examine from the perspective of the intertemporal-equilibrium models of endogenous natural-rate theory the huge swings in unemployment among the OECD countries in recent times. We ®rst look at the huge rise in jobless rates between the early 1970s and the early 1990s throughout the OECD: in the United States a rise from about 512 per cent to 7 per cent, Canada from about 6 to 1012 , Japan from 114 to 214 , Italy from 312 to about 714 , the United Kingdom from about 334 to about 9, France from about 234 to about 10, and West Germany from 34 to 534.1 We then look at the developing recovery of the general unemployment rate, most notably in the United Kingdom and the United States, amid a generally continued elevation of jobless rates among the less educated. We see the mid-1990s surge of unemployment in Germany, France and Italy as another story.

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