unemployment rates. These findings have been interpreted as support for the hysteresis hypothesis. In this paper, we analyze a … panel of unemployment rates of fifteen OECD countries by using a panel-based test. The test exploits the cross …-section variations of the constituent series and is more powerful. The critical values are simulated based on our specific panel sizes …

In the long history of rising and persistent unemployment in Europe almost all institutions – employment protection … legislation, unions, wages, wage structure, unemployment insurance, etc. – have been alleged and found guilty to have caused this … identified as more plausible causes for rising equilibrium unemployment in Europe. Monetary policy has managed to be regarded as …

In the long history of rising and persistent unemployment in Europe, almost all welfare-state institutions …-employment protection legislation, unions, wages, wage structure, unemployment insurance, etc.-have been alleged to have caused and found … external shocks were identified as more plausible causes of rising equilibrium unemployment in Europe. Monetary policy has …