The evolution of Spanish unemployment has been quite idiosyncratic. The full-employment levels of the early seventies … were followed by unemployment rates that were the highest within the OECD countries in the aftermath of the oil price … shocks. While unemployment was extremely persistent in most of the eighties and nineties, it experienced its sharpest decline …

causes of the unemployment upturn in 1973-1983 and the subsequent decline in 1993-2006. Our results show that (i) the main … determinants of the unemployment rise in the 1970s and early 1980s were wage-push factors, the two oil price shocks and the … increase in interest rates, and (ii) the acceleration in capital accumulation was the crucial driving force of unemployment in …

causes of the unemployment upturn in 1973-1983 and the subsequent decline in 1993-2006. Our results show that (i) the main … determinants of the unemployment rise in the 1970s and early 1980s were wage-push factors, the two oil price shocks and the … increase in interest rates, and (ii) the acceleration in capital accumulation was the crucial driving force of unemployment in …

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. …

This paper provides a critique of the "unemployment invariance hypothesis", according to which the behavior of the … labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity, and … equilibrating mechanisms to ensure unemployment invariance and that other markets may perform part of the equilibrating process as …

largely unexplored, set of determinants of the effectiveness of Keynesian and supply-side economic policies. -- unemployment … ; employment ; wage setting ; labour force participation ; labour market dynamics ; unemployment persistence ; imperfect … unemployment responsiveness …