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| Author: | Brunello, G. |
| Title: | Hysteresis and the Japanese unemployment problem: A preliminary investigation |
| Journal: | Oxford Economic Papers
1990 : APR, VOL. 42:3. p. 483-500 |
| Index terms: | JAPAN UNEMPLOYMENT EUROPE LABOUR MARKETS ECONOMIC ANALYSIS |
| Language: | eng |
| Abstract: | The similarities and differences between Japanese and European labour markets are discussed. The impulse mechanism is presented using the Blanchard and Summers( (BS) model. The conclusion that exogenous shocks are absorbed in Japan better than elsewhere is very much in line with contemporary thinking on the Japanese economy in general and its labour market in particular. It is shown that the Japanese ability to absorb shocks is consistent with hysteresis in unemployment and can thus be easily incorporated in the BS model. The fact that hysteria can be consistent with both large and moderate increases in the rate of unemployment suggests that the current European emphasis on the propagation mechanism may be somewhat exaggerated. |
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