The Institutional Determinants of Unemployment

Wendy Cornwall

Chapter 18 in Growth, Employment and Inflation, 1999, pp 254-269 from Palgrave Macmillan

Abstract: Abstract This chapter investigates the links between unemployment rates in a group of OECD economies and their institutions, for the period 1960–89. Institutions govern behaviour, and so are among the most fundamental determinants of how, and how well, an economy functions. By governing economic behaviour, they shape economic mechanisms, and through them influence the effectiveness of economic policy, placing constraints on the policy choices available to governments. Institutions also reflect the social preferences which influence the goals that governments pursue. The focus here is on the extent to which institutional differences can explain differences in unemployment rates, both over time and among countries.

Keywords: Unemployment Rate; Real Wage; Indifference Curve; Phillips Curve; European Monetary System (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-27393-5_18

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DOI: 10.1007/978-1-349-27393-5_18

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