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Olivier Blanchard
NBER Working Paper No. 11750*
Issued in November 2005
NBER Program(s): EFG
LS
---- Abstract -----
In the 1970s, European unemployment started increasing. It increased further in the 1980s, to reach a plateau in the 1990s. It is still high today, although the average unemployment rate hides a high degree of heterogeneity across countries. The focus of researchers and policy makers was initially on the role of shocks. As unemployment remained high, the focus has progressively shifted to institutions. This paper reviews the interaction of facts and theories, and gives a tentative assessment of what we know and what we still do not know.
*Published: Olivier Blanchard, 2006.
"European unemployment: the evolution of facts and ideas,"
Economic Policy,
CEPR, CES, MSH, vol. 21(45), pages 5-59, 01.
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This paper was revised on November 3, 2005 Machine-readable bibliographic record -
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