Economics, Econometrics and Finance
4 years ago

Unemployment scars advanced economies, but labor market reforms offer hope.

2 views
SSRN Electronic Journal
Is Unemployment on Steroids in Advanced Economies?
C. Gabriel Di Bella, Francesco Grigoli, Francisco Ramírez de León

Paper Summary

Unemployment in advanced economies can have long-lasting effects due to hysteresis, where demand shocks can permanently impact joblessness. Research shows that strengthening labor market institutions can help reduce the negative effects of demand shocks and lead to quicker recovery of unemployment rates.

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