Evaluating Unemployment Policies: What Do the Underlying Theories Tell Us?

Dennis Snower

No 1995/007, IMF Working Papers from International Monetary Fund

Abstract: The paper surveys unemployment policies for advanced market economies and evaluates them by examining the predictions of the underlying macroeconomic theories. The basic idea is that, for the most part, different unemployment policy prescriptions rest; on different macroeconomic theories, and our confidence in the prescriptions least in part--on the theories’ ability to predict some salient stylized facts about unemployment behavior. The paper considers four types, of policies laissez faire, demand-management supply-side; and structural policies.

Keywords: WP; wage-price sluggishness; nominal wage; demand management; profit sharing; unemployment insurance; insider-outsider theory; take-home pay; equilibrium unemployment; cost of capital; wage contract; entered firm; monitoring capability; marginal product of labor; Unemployment; Wages; Employment; Labor costs; Europe (search for similar items in EconPapers)
Pages: 44
Date: 1995-01-01
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Citations: View citations in EconPapers (12)

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