Blanchard, Olivier - National Bureau of Economic Research (NBER) - 2005
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 …