The global crisis has led to dramatic increases in unemployment rates over most of the countries of the OECD. This book … supply, and labour force participation. He argues that the growth of unemployment and long-term unemployment is mainly due to … a lack of aggregated demand and not due to high unemployment benefits. Economics of the Labour Market shows that …

confirm the cross-country variation in the responsiveness of unemployment in the wake of the Great Recession. In the United … commentators have argued that the subsequent rise in unemployment exceeded previous estimates of the elasticity of the unemployment …-term estimate of Okun’s coefficient implying that the deviation in unemployment during the crisis resulted from a larger output gap …