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| Author: | Ljungquist, L. Sargent, T. |
| Title: | The European unemployment dilemma |
| Journal: | Journal of Political Economy
1998 : JUN, VOL. 106:3, p. 514-550 |
| Index terms: | UNEMPLOYMENT EUROPE ECONOMICS |
| Language: | eng |
| Abstract: | Post-World War II European welfare states experienced several decades of relatively low unemployment, followed by a plague of persistently high unemployment since the 1980s. The authors impute the higher unemployment to welfare states' diminished ability to cope with more turbulent economic times, such as the ongoing restructuring from manufacturing to the service industry, adoption of new information technologies, and a rapidly changing international economy. The authors use a general equilibrium search model in which workers accumulate skills on the job and lose skills during unemployment. |
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