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Author: Mr.Jeffrey R. Franks Publisher: International Monetary Fund ISBN: 1451852576 Category : Business & Economics Languages : en Pages : 42
Book Description
Spain has the most serious and persistent unemployment problem in Europe, with an unemployment rate that reached 24.6 percent in early 1994. This paper explores the characteristics of this unemployment problem, its causes, and provides a brief discussion of recent labor market reform measures and their likely Impact. A demographic shift in recent years has produced a large rise in female labor force participation and a decrease in agricultural jobs to which the economy has been unable to adjust. The effects of generous unemployment benefits and the large underground economy may explain 6–12 percentage points of the resulting unemployment, but the remainder must be explained by failures and rigidities in the labor market. The paper presents econometric evidence that unemployment displays hysteresis, and that wages are not responsive to changes in the unemployment rate. This evidence supports the claim that insider-outsider factors and rigidities in the legal structure of the labor market are responsible for much of the high unemployment rate. Recent reforms have improved the functioning of the labor market, but they are unlikely to be sufficient to reduce unemployment to single digit rates without further action.
Author: Mr.Jeffrey R. Franks Publisher: International Monetary Fund ISBN: 1451852576 Category : Business & Economics Languages : en Pages : 42
Book Description
Spain has the most serious and persistent unemployment problem in Europe, with an unemployment rate that reached 24.6 percent in early 1994. This paper explores the characteristics of this unemployment problem, its causes, and provides a brief discussion of recent labor market reform measures and their likely Impact. A demographic shift in recent years has produced a large rise in female labor force participation and a decrease in agricultural jobs to which the economy has been unable to adjust. The effects of generous unemployment benefits and the large underground economy may explain 6–12 percentage points of the resulting unemployment, but the remainder must be explained by failures and rigidities in the labor market. The paper presents econometric evidence that unemployment displays hysteresis, and that wages are not responsive to changes in the unemployment rate. This evidence supports the claim that insider-outsider factors and rigidities in the legal structure of the labor market are responsible for much of the high unemployment rate. Recent reforms have improved the functioning of the labor market, but they are unlikely to be sufficient to reduce unemployment to single digit rates without further action.
Author: Humberto López Publisher: ISBN: Category : Unemployed Languages : en Pages : 48
Book Description
One of the most important problems of the Spanish economy is unemployment. In this paper we provide an explanation for Spanish unemployment. We show that the Spanish economy is consistent with an insiders-outsiders model with full hysteresis and increasing labour supply in which output, unemployment and consumption are driven by a common monetary trend. We also show that, if we discount demographic factors and job destruction in agriculture, Spaish unemployment has followed closely, although with a lag of around two years, the evolution of Spanish monetary policy and it would have been in 1994 at the level of 1977. Finally, we provide some evidence supporting the hypothesis that the last recession was caused by the tight monetary policy of the eighties and early nineties.
Author: Hugh Compston Publisher: Routledge ISBN: 1134747713 Category : Business & Economics Languages : en Pages : 235
Book Description
The first comparative study of the politics of policy innovation in the field of unemployment. The contributors provide a thorough and lucid analysis of past government failures, and look to possible future strategies.
Author: Mr.Jeffrey R. Franks
Author: Mr.Jeffrey R. Franks
Author: Jeffrey Franks
Author: J. R. Franks
Author: Humberto López
Author: Alfonso Alba Ramírez
Author: Alfonso Alba
Author: Juan José Dolado
Author: Hugh Compston
Author: Juan José Dolado
Author: Samuel Bentolila