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| Tekijä: | Karanassou, M. Snower, D. |
| Otsikko: | How labour market flexibility affects unemployment: long-term implications of the chain reaction theory |
| Lehti: | Economic Journal
1998 : MAY, VOL. 108:448, p. 832-849 |
| Asiasana: | ECONOMICS LABOUR MARKETS FLEXIBILITY |
| Kieli: | eng |
| Tiivistelmä: | Much of the macroeconomic theory literature views unemployment as the sum of two separate, independent components, often called "cyclical" and "structural" unemployment. This decomposition is a salient feature of the national rate theory. The high-frequency movements in unemployment are identified as cyclical and are attributed primarily to errors in people's wage-price expectations or to intertemporal substitution, while the low-frequency movements are identified as changes in the natural (or structural) rate of unemployment (NRU). |
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