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The European Unemployment Dilemma

Lars Ljungqvist and Thomas Sargent ()

No 481, Working Paper Series from Research Institute of Industrial Economics

Abstract: Post World War II European welfare states experienced several decades of relatively low unemployment, followed by a plague of persistently high unemployment since the 1980s. We impute the higher unemployment to welfare states' diminished ability to cope with more turbulent economic times, such as the ongoing restructuring from manufacturing to the service industry, adoption of new information technologies and a rapidly changing international economy. We use a general equilibrium search model where workers accumulate skills on the job and lose skills during unemployment.

Keywords: Unemployment; Economic turbulence; Welfare state; Europe (search for similar items in EconPapers)
JEL-codes: E24 J64 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-pol
Date: 1997-04-21
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Related works:
Journal Article: The European Unemployment Dilemma (1998) Downloads
Working Paper: The European Unemployment Dilemma (1997)
Working Paper: The European Unemployment Dilemma (1996) Downloads
Working Paper: The European unemployment dilemma (1995)
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