European Unemployment: Lessons from a Multicountry Econometric Study
Jacques Dreze and
Scandinavian Journal of Economics, 1990, vol. 92, issue 2, 135-65
This paper summarizes the principal empirical findings of the European Unemployment Program. It draws on ten country studies that utilize the macroeconomic framework set out by Sneessens and Dreze (1986). The main conclusions are as follows: (1) a major problem in Europe is that productivity gains are quickly absorbed into wages and the effect of unemployment on wage settlements is generally weak; (2) a wage-price-productivity spiral means the European economies are inflation-prone; (3) demand pressures spill over into the balance of payments rather than leading to price increases; and (4) the major proximate determinant of employment in the 1980s is the level of effective demand. Copyright 1990 by The editors of the Scandinavian Journal of Economics.
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