The macroeconomics of the labor market : three fundamental views
Autor(a) principal: | |
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Data de Publicação: | 2007 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/15552 |
Resumo: | We distinguish and assess three fundamental views of the labor market regarding the movements in unemployment: (1) the frictionless equilibrium view; (2) the chain reaction theory, or prolonged adjustment view; and (3) the hysteresis view. While the frictionless view implies a clear compartmentalization between the short- and long-run, the hysteresis view implies that all the short-run fluctuations automatically turn into long-run changes in the unemployment rate. We assert the problems faced by these conceptions in explaining the diversity of labor market experiences across the OECD labor markets. We argue that the prolonged adjustment view can overcome these problems since it implies that the short, medium, and long-runs are interrelated, merging with one another along an intertemporal continuum. |
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The macroeconomics of the labor market : three fundamental viewsUnemploymentInteractive labor market dynamicsInterplay of lags and shocksFrictional growthGrowth driversWe distinguish and assess three fundamental views of the labor market regarding the movements in unemployment: (1) the frictionless equilibrium view; (2) the chain reaction theory, or prolonged adjustment view; and (3) the hysteresis view. While the frictionless view implies a clear compartmentalization between the short- and long-run, the hysteresis view implies that all the short-run fluctuations automatically turn into long-run changes in the unemployment rate. We assert the problems faced by these conceptions in explaining the diversity of labor market experiences across the OECD labor markets. We argue that the prolonged adjustment view can overcome these problems since it implies that the short, medium, and long-runs are interrelated, merging with one another along an intertemporal continuum.Springer VerlagRepositório da Universidade de LisboaKaranassou, MarikaSala, HectorSnower, Dennis J.2018-06-04T08:19:52Z2007-122007-12-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/15552engKaranassou, Marika, Hector Sala e Dennis J. Snower (2007). "The macroeconomics of the labor market : three fundamental views". Portuguese Economic Journal, 6(3):151-1801617-982X (print)10.1007/s10258-007-0024-ymetadata only accessinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:45:29Zoai:www.repository.utl.pt:10400.5/15552Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:01:10.116626Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
The macroeconomics of the labor market : three fundamental views |
title |
The macroeconomics of the labor market : three fundamental views |
spellingShingle |
The macroeconomics of the labor market : three fundamental views Karanassou, Marika Unemployment Interactive labor market dynamics Interplay of lags and shocks Frictional growth Growth drivers |
title_short |
The macroeconomics of the labor market : three fundamental views |
title_full |
The macroeconomics of the labor market : three fundamental views |
title_fullStr |
The macroeconomics of the labor market : three fundamental views |
title_full_unstemmed |
The macroeconomics of the labor market : three fundamental views |
title_sort |
The macroeconomics of the labor market : three fundamental views |
author |
Karanassou, Marika |
author_facet |
Karanassou, Marika Sala, Hector Snower, Dennis J. |
author_role |
author |
author2 |
Sala, Hector Snower, Dennis J. |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Karanassou, Marika Sala, Hector Snower, Dennis J. |
dc.subject.por.fl_str_mv |
Unemployment Interactive labor market dynamics Interplay of lags and shocks Frictional growth Growth drivers |
topic |
Unemployment Interactive labor market dynamics Interplay of lags and shocks Frictional growth Growth drivers |
description |
We distinguish and assess three fundamental views of the labor market regarding the movements in unemployment: (1) the frictionless equilibrium view; (2) the chain reaction theory, or prolonged adjustment view; and (3) the hysteresis view. While the frictionless view implies a clear compartmentalization between the short- and long-run, the hysteresis view implies that all the short-run fluctuations automatically turn into long-run changes in the unemployment rate. We assert the problems faced by these conceptions in explaining the diversity of labor market experiences across the OECD labor markets. We argue that the prolonged adjustment view can overcome these problems since it implies that the short, medium, and long-runs are interrelated, merging with one another along an intertemporal continuum. |
publishDate |
2007 |
dc.date.none.fl_str_mv |
2007-12 2007-12-01T00:00:00Z 2018-06-04T08:19:52Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/15552 |
url |
http://hdl.handle.net/10400.5/15552 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Karanassou, Marika, Hector Sala e Dennis J. Snower (2007). "The macroeconomics of the labor market : three fundamental views". Portuguese Economic Journal, 6(3):151-180 1617-982X (print) 10.1007/s10258-007-0024-y |
dc.rights.driver.fl_str_mv |
metadata only access info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
metadata only access |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Springer Verlag |
publisher.none.fl_str_mv |
Springer Verlag |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799131100505702400 |