European unemployment revisited: Shocks,institutions, integration |
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Institution: | 1. Department of Finance, National Taiwan University, Taiwan, 50 Lane 144 Sec. 4, Keelung Road, Taipei, Taiwan;2. Department of Finance, Chung Yuan Christian University, Chung Li, Taiwan, 200, Chung Pei Road, Chung Li, Taiwan |
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Abstract: | This paper painstakingly restores a vintage empirical model that relates unemployment to shocks and institutions, and proceeds to run it on recent data featuring dramatic shocks and controversial institutional change. The original specification fails to fit these data. Theoretical insights and the results of suitably modified regressions suggest that the capital flow and reforms implications of international economic integration are crucial for interpreting twists and turns of unemployment rates in Europe and elsewhere. |
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