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Causes of the 1980s Slump in Europe

Author

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  • Jean-Paul Fitoussi

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Edmund S Phelps

    (Center on Capitalism and Society - Columbia University [New York])

Abstract

UNEMPLOYMENT in Europe has reached levels in this decade that have not been seen since the Great Depression. The annual unemployment rate in the European Economic Community rose sharply in 1981 and continued rising to its 1984-85 plateau. In contrast, the U.S. unemployment rate, which also rose to a postwar record level, nearly regained its 1980 level by 1985, as shown below.

Suggested Citation

  • Jean-Paul Fitoussi & Edmund S Phelps, 1986. "Causes of the 1980s Slump in Europe," SciencePo Working papers Main hal-01025314, HAL.
    • Handle: RePEc:hal:spmain:hal-01025314
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-01025314
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    Cited by:

    1. Bennett T. McCallum, 1987. "The case for rules in the conduct of monetary policy: a concrete example," Economic Review, Federal Reserve Bank of Richmond, vol. 73(Sep), pages 10-18.
    2. Edmund S. Phelps, 2008. "Macroeconomics for a Modern Economy," The American Economist, Sage Publications, vol. 52(1), pages 3-22, March.
    3. Froot, Kenneth A & Klemperer, Paul D, 1989. "Exchange Rate Pass-Through When Market Share Matters," American Economic Review, American Economic Association, vol. 79(4), pages 637-654, September.
    4. Howard R. Vane & Chris Mulhearn, 2009. "Interview with Edmund S. Phelps," Journal of Economic Perspectives, American Economic Association, vol. 23(3), pages 109-124, Summer.

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