High home ownership as a driver of high unemployment

Andrew J Oswald 18 June 2013

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Unemployment matters. It is a major source of unhappiness, mental ill-health, and lost income. Yet after a century of economic research the determinants of unemployment are still imperfectly understood, and jobless levels in the industrialised nations are currently around 10%, with some over 20%.

If you search for ‘unemployment’ in the Web of Science, within the Social Science Citation Index a list of around 21,000 articles appears. For economics journals alone, there are approximately 10,000. The most prominent among these are:

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Topics:  Labour markets

Tags:  unemployment, home ownership

Job placement and displacement: Evidence from a randomised experiment

Bruno Crépon, Esther Duflo, Marc Gurgand, Roland Rathelot, Philippe Zamora 24 April 2013

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Youth unemployment is a growing concern in many countries, including France where more than a quarter of recent graduates cannot find stable work. Some of these young graduates do not benefit from resources like unemployment benefits because they lack a sufficient employment history.

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Topics:  Labour markets

Tags:  unemployment, Eurozone crisis, youth unemployment, graduates

Budget balance, structural unemployment and fiscal adjustments: The Spanish case

Javier Andrés, Rafael Doménech 05 April 2013

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One of the most important questions in the current process of fiscal consolidation in many developed economies concerns the size and the pace of the adjustment. An excessive and/or too-fast fiscal retrenchment can have dramatic effects on unemployment and growth, while if it is too slow, it can prove to be ineffective and lack credibility in the eyes of the financial markets. Thus, when the debt-to-GDP ratio is high and there is limited fiscal space, the challenge is to find the proper balance between growth, efficiency and credibility of the fiscal adjustment.

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Topics:  Europe's nations and regions

Tags:  unemployment, Spain, fiscal policy, Eurozone crisis, structural adjustment

European labour-market reform

John Driffill 08 March 2013

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Unemployment continues to rise in the Eurozone and is increasingly drawing attention to its sluggish labour markets. There is a lingering suspicion that these markets are not flexible enough; that wage growth (real and in money terms) does not respond sufficiently to unemployment. Labour-market reform has featured prominently in the bailout agreements reached between the Troika and Greece, Portugal, and Ireland. Reform is surely a good thing. But what is it meant to achieve? What should and can be done? Is the time now ripe for reform?

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Topics:  Europe's nations and regions Labour markets

Tags:  Europe, unemployment, EU

Jobs and growth are still linked (that is, Okun’s Law still holds)

Laurence Ball, Daniel Leigh, Prakash Loungani 26 January 2013

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Unemployment rates remain high in most advanced countries. Many scholars have drawn attention to an apparent decoupling of unemployment increases from output declines during the Great Recession (e.g. IMF 2010, Cazes et al. 2011).

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Topics:  Global crisis Labour markets

Tags:  unemployment, jobless recovery, Okun, output

It’s not a skill mismatch: Disaggregate evidence on the US unemployment-vacancy relationship

Rand Ghayad, William Dickens 05 January 2013

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The Beveridge curve – the empirical relationship between unemployment and vacancies – is thought to be an indicator of the efficiency of the functioning of the labour market. Normally when vacancies rise, unemployment falls following a curved path that typically remains stable over long periods of time.

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Topics:  Labour markets

Tags:  US, unemployment, skills, welfare

Jobs: The next piece of Africa’s growth jigsaw

David Fine, Susan Lund 04 December 2012

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Africa’s recent economic performance has been impressive. With average annual growth of 5.1% over the past ten years, the continent is the second fastest-growing region in the world (IMF 2012). The share of people in extreme poverty is falling. Since 2000, 31 million African households have joined a 90 million-strong consuming class with discretionary income to spend or save1.

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Topics:  Development Labour markets

Tags:  employment, unemployment, Africa, labour

Jobless recoveries and the disappearance of routine occupations

Henry Siu, Nir Jaimovich 06 November 2012

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Economic recoveries aren’t what they used to be. Since the end of the Great Recession in June 2009:

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Topics:  Global crisis Labour markets Poverty and income inequality

Tags:  unemployment, Great Depression, jobs, Great Recession, labour

Temporary employment: The trade-off between efficiency and equity

Elke Jahn, Regina T. Riphahn, Claus Schnabel 10 October 2012

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Over the last three decades, the use of flexible forms of employment such as fixed-term and temporary agency work contracts has increased substantially throughout much of Europe. This development has been driven by government efforts to ease restrictions on temporary employment, whereas the regulation of permanent contracts has been left essentially unaltered. The reforms of temporary employment have intended to increase overall employment by lowering dismissal and adjustment costs for flexible jobs and thereby providing firms with new opportunities.

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Topics:  Labour markets

Tags:  unemployment, temporary contracts, equity, efficiency

The case for temporary inflation in the Eurozone

Stephanie Schmitt-Grohe, Martín Uribe,

Date Published

Sun, 09/16/2012

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