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Euro area labour markets and the crisis

Martine Druant, Juuso Vanhala (), Michalis Ktoris, Valerie Jarvis, Muriel Bouchet, Katarzyna Budnik (), Claire Childs, Nicole Kuttner, Magdalena Spooner, Jan De Mulder, Boele Bonthuis, Alfred Stiglbauer, Suzanne Linehan, Heidi Schaumann, Daphne Nicolitsas, Daniel Radowski, Cláudia Duarte (), José Maria (), Ana Lamo, Marco Hoeberichts (), Ted Aranki, Katja Sonderhof, Helena Solcanska, Pavel Gertler (), Matteo Mogliani (), Cindy Veiga, Aidan Meyler, Henri Fraisse, Roberta Zizza (), Ian Sapiano, Jante Parlevliet, Sandra Zerafa, Mario Izquierdo (), Robert Anderton, Ramón Gómez-Salvador, Orsolya Soosaar, Natalja Viilmann, Manca Jesenko, Sergio Puente, Cristina Fernandez, Gregory Verdugo (), Daphne Momferatou (), Roberta Serafini and Paul Ramskogler

No 138, Occasional Paper Series from European Central Bank

Abstract: Between the start of the economic and financial crisis in 2008, and early 2010, almost four million jobs were lost in the euro area. Employment began to rise again in the first half of 2011, but declined once more at the end of that year and remains at around three million workers below the pre-crisis level. However, in comparison with the severity of the fall in GDP, employment adjustment has been relatively muted at the aggregate euro area level, mostly due to significant labour hoarding in several euro area countries. While the crisis has, so far, had a more limited or shorter-lived impact in some euro area countries, in others dramatic changes in employment and unemployment rates have been observed and, indeed, more recent data tend to show the effects of a re-intensification of the crisis. The main objectives of this report are: (a) to understand the notable heterogeneity in the adjustment observed across euro area labour markets, ascertaining the role of the various shocks, labour market institutions and policy responses in shaping countries JEL Classification: E42, F15, F33, F41

Keywords: crisis; employment; euro area countries; Labour Demand; labour supply; participation; unemployment (search for similar items in EconPapers)
Date: 2012-10
Note: 1725816
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Handle: RePEc:ecb:ecbops:2012138