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European Unemployment: The Evolution of Facts and Ideas

Olivier J. Blanchard

International Monetary Fund (IMF); National Bureau of Economic Research (NBER)

October 10, 2005

MIT Department of Economics Working Paper No. 05-24

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.

Number of Pages in PDF File: 62

Keywords: unemployment, institutions, shocks, hysteresis, labor market

JEL Classification: E24, J6

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Date posted: October 18, 2005  

Suggested Citation

Blanchard, Olivier J., European Unemployment: The Evolution of Facts and Ideas (October 10, 2005). MIT Department of Economics Working Paper No. 05-24. Available at SSRN: http://ssrn.com/abstract=825885 or http://dx.doi.org/10.2139/ssrn.825885

Contact Information

Olivier J. Blanchard (Contact Author)
International Monetary Fund (IMF) ( email )
700 19th Street, N.W.
Washington, DC 20431
United States
202 623 7825 (Phone)
202 623 7271 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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