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The determinants of unemployment dynamics in Greece

Author

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  • Athanasios Tagkalakis

    (Bank of Greece)

Abstract

In this paper, we investigate the determinants of unemployment dynamics in Greece. The economic recession alongside labour market reforms raised the inflow rate to and decreased the outflow rate from unemployment in the early crisis years. The gradual normalisation of economic conditions and the adoption of further structural reforms led to a decline in the inflow rate and an increase in the outflow rate. Our results are suggestive of the presence of an inverse relationship between unemployment and job vacancies in Greece (Beveridge curve), driven by the post-2008 economic recession. The decline in economic activity coupled with a more flexible labour market contributed to an increase in unemployment, i.e. an outward shift in the Beveridge curve.

Suggested Citation

  • Athanasios Tagkalakis, 2015. "The determinants of unemployment dynamics in Greece," Economic Bulletin, Bank of Greece, issue 42, pages 21-42, December.
    • Handle: RePEc:bog:econbl:y:2015:i:42:p:21
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    File URL: https://www.bankofgreece.gr/BogEkdoseis/econbull201512.pdf
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    More about this item

    Keywords

    Unemployment; Inflow; Outflows; Beveridge; Labour market reforms;
    All these keywords.

    JEL classification:

    • J63 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Turnover; Vacancies; Layoffs
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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