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A Contribution to Unemployment Dynamics

Author

Listed:
  • Karanassou, Marika
  • Snower, Dennis J.

Abstract

This paper views movements in unemployment as the result of the interaction between: (a) lags in labour market decisions; and (b) labour market shocks with temporary and permanent components. Two features of unemployment dynamics are examined: (i) `unemployment persistence', arising when temporary shocks have persistent effects on unemployment; and (ii) `imperfect unemployment responsiveness', arising when the full effects of permanent shocks are delayed. An empirical model of aggregate labour maket activity in Germany, the United Kingdom, and the United States is constructed, and the sources of persistence and imperfect responsiveness are evaluated in this context.

Suggested Citation

  • Karanassou, Marika & Snower, Dennis J., 1995. "A Contribution to Unemployment Dynamics," CEPR Discussion Papers 1176, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:1176
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    Citations

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    Cited by:

    1. Helmut Hofer & Karl Pichelmann & Andreas-Ulrich Schuh, 2001. "Price and quantity adjustments in the Austrian labour market," Applied Economics, Taylor & Francis Journals, vol. 33(5), pages 581-592.
    2. Franz, Wolfgang, 1995. "Theoretische Ansätze zur Erklärung der Arbeitslosigkeit: Wo stehen wir 1995?," Discussion Papers 27, University of Konstanz, Center for International Labor Economics (CILE).
    3. Karanassou, Marika & Snower, Dennis J., 1997. "Is the natural rate a reference point?," European Economic Review, Elsevier, vol. 41(3-5), pages 559-569, April.

    More about this item

    Keywords

    Employment; Labour Force Participation; Labour Market Dynamics; Unemployment; Wage Setting;
    All these keywords.

    JEL classification:

    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • J68 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Public Policy

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