Persistent unemployment and co-ordination issues: an evolutionary perspective |
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Authors: | Marie Amendola Jean-Luc Gaffard |
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Institution: | 1.Department of Economics, University of Rome ‘La Sapienza’, 00161 Rome, Italy (e-mail: Mario.Amendola@uniromA1.it)
,IT;2.Institut Universitaire de France and Observatoire Fran?ais des Conjonctures Economiques, University of Nice Sophia Antipolis, 250, rue Albert Einstein, 06560 Valbonne, France (e-mail: gaffard@idefi.cnrs.fr)
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Abstract: | Abstract. In this paper we look at unemployment as a phenomenon which reflects the co-ordination problems that characterize out-of-equilibrium
processes of adjustment. The analysis carried out shifts the focus from structural factors to the economic process. It shows
that unemployment cannot be satisfactorily explained – and policy interventions devised – by focusing only on specific characters
of the technology or confining the analysis to structural factors concerning the labour market. The co-ordination mechanisms
of adjustment processes rather than the fundamentals of the economy appear, in this light, as the main determinants of differences
in unemployment trends in different economies; and monetary policy comes back to the center of the stage as an essential element
of the working of these mechanisms.
RID="*"
ID="*" We thank anonymous referees for their very useful comments, and Elena Lega for the helpful support to the simulation
analysis carried out.
Correspondence to: J.-L. Gaffard |
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Keywords: | : Unemployment – Co-ordination – Out-of-equilibrium adjustments – Monetary policy |
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