Full Employment: A Survey of Theory, Empirics and Policies

Aleksandr Arsenev (), Meryem Gökten, Philipp Heimberger and Andreas Lichtenberger ()
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Aleksandr Arsenev: The Vienna Institute for International Economic Studies, wiiw, https://wiiw.ac.at/aleksandr-arsenev-s-2008.html
Andreas Lichtenberger: The Vienna Institute for International Economic Studies, wiiw, https://wiiw.ac.at/andreas-lichtenberger-s-1922.html

No 249, wiiw Working Papers from The Vienna Institute for International Economic Studies, wiiw

Abstract: The concept of full employment is associated with diverse economic, political and social aspects. We provide a survey of theory, empirics and policy issues related to full employment. We make a novel contribution by tying together multi-dimensional aspects of full employment regarding definitions, theoretical perspectives, empirical measurements, policy debates and real-world policy programs. We distinguish concepts of full employment that provide systematic links to price stability; minimum unemployment and maximum employment approaches; and the unfilled vacancies perspective. Furthermore, we provide and discuss different empirical measures of full employment for selected economies, and we propose a new full employment typology. Based on our survey findings, we argue that conceptualising and measuring full employment is not merely a technical task, but inevitably involves normative judgments. Finally, we discuss avenues for future research.

Keywords: full employment; NAIRU; Beveridge curve; employment; welfare states; job guarantee (search for similar items in EconPapers)
JEL-codes: B22 E24 E61 (search for similar items in EconPapers)
Pages: 71 pages including 2 Tables and 7 Figures
Date: 2024-06
New Economics Papers: this item is included in nep-hme
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