| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP469 |
| DP469 External Constraints on European Unemployment | |
| George Alogoskoufis; Christopher Martin | |
| 发表日期 | 1990-10-01 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | The persistently high rate of unemployment has probably been Western Europe's most important economic problem of the 1970s and 1980s. Average unemployment rose relentlessly between the early seventies and the mid-eighties, in contrast to the United States, where unemployment has displayed a normal cycle, around a slightly higher mean. This has led to a number of supply-side explanations centred on the structure of Europe's labour markets.In this paper we re-examine the aggregate demand explanation of Europe's unemployment experience, using a succession of models of interdependent open economies. We find that a small North-South macro model which allows for price sluggishness in manufactures and flexible commodity prices can explain the most important stylized facts about OECD unemployment and Europe's relative performance, as well as the behaviour of relative commodity prices. The explanation is based on the timing and the mix of monetary and fiscal policies. We argue that Europe's more restrictive stance in the 1970s and 1980s can be attributed to external constraints related to the greater openness of individual European economies, asymmetries in the international monetary system, and the quest for intra-European exchange rate stability. |
| 主题 | International Macroeconomics |
| 关键词 | Commodity prices European unemployment Exchange rates Macroeconomic policy |
| URL | https://cepr.org/publications/dp469 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529624 |
| 推荐引用方式 GB/T 7714 | George Alogoskoufis,Christopher Martin. DP469 External Constraints on European Unemployment. 1990. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
