this unforeseen increase in unemployment. We then discuss the role of labour market institutions in the adjustment process … that has brought unemployment back to 'normal' levels. We argue that these institutions cannot be blamed for the increase … in unemployment, but that more flexible institutions could have lead to a more rapid decline in unemployment. …

We study the implications of product and labor market imperfections for equilibrium unemployment under both exogenous … equilibrium unemployment. The relationship between the long-run unemployment and the intensity of product market competition is … long-run equilibrium unemployment is an increasing function of product market imperfections when the elasticity exceeds …

that labour markets clear competitively. At least for Europe which has been suffering fom high unemployment for a long time …, this assumption does not seem appropriate. This paper studies the optimal factor taxation in the presence of unemployment … the private sector playing a Nash game. The main conclusion is that in the presence of unemployment, the conventional …

unemployment compared to most continental European OECD countries. As a rule they have also been and are still ahead in developing …

We study the role of labour and credit market imperfections for the determination of equilibrium unemployment. In the … equilibrium unemployment, because it induces wage-enhancing effects causing an increase in the outside option available to union … members. Equilibrium unemployment is also an increasing function of firms' bunkruptcy risks. It is, however, independent of …