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Crisis, adjustment and resilience in the Greek labour market: an unemployment decomposition approach

Vassilis Monastiriotis and Angello Martelli

GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe from Hellenic Observatory, LSE

Abstract: The crisis in Greece led to one of the largest economic shocks in European history, with unemployment increasing three-fold within the space of four years. Drawing on micro-data from the Greek Labour Force Survey, we utilise standard micro-econometric methods and non-linear decomposition techniques to measure the size of the shock exerted on the Greek labour market and the quantitative and price adjustments in response to this shock. We find elements of economic dynamism, with some sizeable price adjustments in the economy of the Greek capital, Athens; but overall our results show that adjustment has been partial and limited, in terms of both labour quality (sorting, selection) and labour quantity (migration). Our use of the decomposition techniques for the analysis of macro-level developments in the labour market offers a novel perspective to the application of the decomposition methodology.

Keywords: unemployment risk; non-linear decomposition; Greek crisis; shock; adjustment (search for similar items in EconPapers)
Date: 2019-03
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