The European unemployment dilemma

Lars Ljungqvist, Thomas Sargent

    Research output: Contribution to journalArticle

    Abstract

    Post-World War II European welfare states experienced several decades of relatively low unemployment, followed by a plague of persistently high unemployment since the 1980s. We impute the higher unemployment to welfare states' diminished ability to cope with more turbulent economic times, such as the ongoing restructuring from manufacturing to the service industr, adoption of new information technologies, and a rapidly changing international economy. We use a general equilibrium search model in which workers accumulate skills on the job and lose skills during unemployment.

    Original languageEnglish (US)
    Pages (from-to)514-550
    Number of pages37
    JournalJournal of Political Economy
    Volume106
    Issue number3
    DOIs
    StatePublished - Jun 1998

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    Unemployment
    European unemployment
    Welfare state
    Economics
    International economy
    Second World War
    Manufacturing
    Workers
    General equilibrium

    ASJC Scopus subject areas

    • Economics and Econometrics

    Cite this

    The European unemployment dilemma. / Ljungqvist, Lars; Sargent, Thomas.

    In: Journal of Political Economy, Vol. 106, No. 3, 06.1998, p. 514-550.

    Research output: Contribution to journalArticle

    Ljungqvist, L & Sargent, T 1998, 'The European unemployment dilemma', Journal of Political Economy, vol. 106, no. 3, pp. 514-550. https://doi.org/10.1086/250020
    Ljungqvist, Lars ; Sargent, Thomas. / The European unemployment dilemma. In: Journal of Political Economy. 1998 ; Vol. 106, No. 3. pp. 514-550.
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