Persistent unemployment and co-ordination issues: an evolutionary perspective

Mario Amendola () and Jean-Luc Gaffard
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Mario Amendola: UNIROMA - Università degli Studi di Roma "La Sapienza" = Sapienza University [Rome]

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Abstract: In this paper we look at unemployment as a phenomenon which reflects the co-ordination problems that characterize out-of-equilibrium processes of adjustment. The analysis carried out shifts the focus from structural factors to the economic process. It shows that unemployment cannot be satisfactorily explained – and policy interventions devised – by focusing only on specific characters of the technology or confining the analysis to structural factors concerning the labour market. The co-ordination mechanisms of adjustment processes rather than the fundamentals of the economy appear, in this light, as the main determinants of differences in unemployment trends in different economies; and monetary policy comes back to the center of the stage as an essential element of the working of these mechanisms.

Keywords: Unemployment; Co-ordination; Out-of-equilibrium adjustments; Monetary policy (search for similar items in EconPapers)
Date: 2003-02
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Citations: View citations in EconPapers (17)

Published in Journal of Evolutionary Economics, 2003, 13 (1), pp.1 - 27. ⟨10.1007/s00191-003-0141-4⟩

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Journal Article: Persistent unemployment and co-ordination issues: an evolutionary perspective (2003)
Working Paper: Persistent unemployment and co-ordination issues: an evolutionary perspective (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03426664

DOI: 10.1007/s00191-003-0141-4

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