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Growth and employment: comparative performance, convergences and co-movements

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  • Marcello Signorelli

Abstract

As well-known, starting from the EU White Paper on growth, competitiveness and employment (1993), and continuing with the launch of the European Employment Strategy (1997) and the Lisbon Strategy (2000), two crucial objectives indicated by the European level emerged: (i) the increase of the GDP growth rates and (ii) the improvement of the employment intensity of growth. The aim of the paper is to discuss and investigate the compared performance, convergence and relationship of the following real variables: per-capita GDP (level and growth) and employment rate (level and growth). In the last decades an increasing part of the theoretical and empirical economic literature has been dedicated to the real convergence process. In order to better investigate the more recent period, in this paper we first present a brief review of the theoretical and empirical literature on real convergence (Section 2) and of the relationship between growth and (un)employment (Section 3). In Section 4, using Eurostat (regio) database for the period 1995-2003, a compared investigation of the (levels and changes in) per capita GDP and employment rates in EU-25 countries is followed by a convergence analysis for European aggregations (EU-25, EU-15, EMU-12 and 8-new-EU-members) at the following two (statistical) regional level: Nuts I (?- and Lowess ?-convergence) and Nuts II (?-, absolute and conditional ?-convergence). Besides, a preliminary comparative analysis for EU-15 countries has been dedicated to the co-movements between GDP and employment, and the employment intensity of growth, during the same period 1995-2003. Some of the main results of the paper highlighted (i) a high heterogeneity in European performance (in terms of GDP level, GDP growth, employment level and employment changes), (ii) the existence of complex “club convergence/divergence” across EU countries and regions, (iii) remarkable differences in the correlation between GDP growth and employment changes, and in the employment intensity of growth.

Suggested Citation

  • Marcello Signorelli, 2005. "Growth and employment: comparative performance, convergences and co-movements," Quaderni del Dipartimento di Economia, Finanza e Statistica 08/2005, Università di Perugia, Dipartimento Economia.
    • Handle: RePEc:pia:wpaper:08/2005
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    References listed on IDEAS

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    1. Olivier Blanchard, 2004. "The Economic Future of Europe," Journal of Economic Perspectives, American Economic Association, vol. 18(4), pages 3-26, Fall.
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    Cited by:

    1. Mirella Damiani, 2010. "Labour regulation, corporate governance and varieties of capitalism," Quaderni del Dipartimento di Economia, Finanza e Statistica 76/2010, Università di Perugia, Dipartimento Economia.
    2. Stefano Herzel & Marco Nicolosi & Cătălin Stărică, 2012. "The cost of sustainability in optimal portfolio decisions," The European Journal of Finance, Taylor & Francis Journals, vol. 18(3-4), pages 333-349, May.
    3. Olga Demidova & Marcello Signorelli, 2010. "The Impact of Crises on Youth Unemployment of Russian Regions: An Empirical Analysis," Quaderni del Dipartimento di Economia, Finanza e Statistica 78/2010, Università di Perugia, Dipartimento Economia.
    4. Misbah Tanveer Choudhry & Enrico Marelli & Marcello Signorelli, 2012. "Youth unemployment rate and impact of financial crises," International Journal of Manpower, Emerald Group Publishing Limited, vol. 33(1), pages 76-95, March.
    5. Damiani, Mirella & Pompei, Fabrizio & Ricci, Andrea, 2011. "Temporary job protection and productivity growth in EU economies," MPRA Paper 29698, University Library of Munich, Germany.
    6. Davide Castellani & Fabio Pieri, 2011. "Foreign Investments and Productivity Evidence from European Regions," Quaderni del Dipartimento di Economia, Finanza e Statistica 83/2011, Università di Perugia, Dipartimento Economia.
    7. Silvia Micheli, 2010. "Learning Curve and Wind Power," Quaderni del Dipartimento di Economia, Finanza e Statistica 81/2010, Università di Perugia, Dipartimento Economia.
    8. Francesco Venturini, 2011. "Product variety, product quality, and evidence of Schumpeterian endogenous growth: a note," Quaderni del Dipartimento di Economia, Finanza e Statistica 93/2011, Università di Perugia, Dipartimento Economia.

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    More about this item

    Keywords

    GDP growth; employment; convergence; comparative performance;
    All these keywords.

    JEL classification:

    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand
    • P50 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - General

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