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| Author: | Balakrishnan, R. Michelacci, C. |
| Title: | Unemployment dynamics across OECD countries |
| Journal: | European Economic Review
2001 : JAN, VOL. 45:1, p. 135-166 |
| Index terms: | LABOUR MARKETS UNEMPLOYMENT ECONOMIC CONDITIONS |
| Language: | eng |
| Abstract: | The European Community and the US have experienced vastly different unemployment dynamics over the last two decades. This paper investigates whether these differences are due to exposure to different shocks, or reacting differently to the same shocks. With the premise of a search theoretical framework and a structural VAR methodology, the paper robustly identifies aggregate versus reallocative shocks. With the exception of Spain where most of the dynamics seem to be driven by reallocation, it is found that most differences in unemployment dynamics arise because of differences in responses to shocks. |
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