Can hysteresis explain different labour market operations between Europe and the United States?
- 1 January 1989
- journal article
- research article
- Published by Taylor & Francis in Applied Economics
- Vol. 21 (1) , 95-111
- https://doi.org/10.1080/772284234
Abstract
This paper offers an analysis of the labour market operation in Europe and the United States during 1970–1985. It appears that the labour market developments in Europe are more characterized by hysteresis than in the United States. Simulation results indicate that the unemployment rate in Europe would have reached the level of that in the United States in 1985 when wage formation had been more similarKeywords
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