Blanchard and Wolfers argue that neither adverse macroeconomic shocks alone nor adverse labor market institutions alone can account for the two central facts about European unemployment: its rise from …
PublishedClassicJournal of Economic PerspectivesPublished Feb 1997
Blanchard and Katz assess three decades of research on the determinants of the natural rate of unemployment and reach two main conclusions: that there has been considerable theoretical progress, …