Unemployment in Greece: A Survey of the Issues

Dimitri Demekas and Zenon Kontolemis ()

No 1996/091, IMF Working Papers from International Monetary Fund

Abstract: The Greek unemployment rate rose from 2 percent in the 1960s to 9-10 percent in the 1990s. This reflected the increase in female participation rates, the slowdown in growth, the restructuring of production, and the increased mismatch between jobs and job seekers. But the most crucial factor was the persistence of real wage aspirations. The paper develops and tests a model that attributes this to the rapid expansion in the number of easy, life-time government jobs and the increase in the public/private wage differential during the 1980s.

Keywords: WP; private sector; unemployment rate; demand shock; involuntary unemployment; Phillips curve; unemployment persistence; inflation-unemployment locus; equation equivalent; labour force; severance pay; unemployment-vacancy relationship; efficiency wage; inflation-unemployment curve; unemployment in Greece; Unemployment; Labor markets; Employment; Wages; Labor force; Europe; Southern Europe; Northern Europe (search for similar items in EconPapers)
Pages: 72
Date: 1996-08-01
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Citations: View citations in EconPapers (8)

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