Autori
Lopez, Humberto
Ortega, Eva
Ubide, Angel

Titolo
Explaining the dynamics of Spanish unemployment
Periodico
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1996 - Fascicolo: 14 - Pagina iniziale: 1 - Pagina finale: 30

One of the most important problems of the Spanish economy is unemployment. One of the most important problems of Spanish economists is to explain Spanish unemployment. In this paper we provide an explanation for Spanish unemployment. We show that the Spanish economy is consistent with an insiders-outsiders model with full hysteresis and increasing labour supply in which output, unemployment and consumption are driven by a common monetary trend. We also show that, if we discount demographic factors and job destruction in agriculture, Spanish unemployment has followed closely, although with a lag of around two years, the evolution of Spanish monetary policy and it would have been in 1994 at the level of 1977. Finally, we provide some evidence supporting the hypothesis that the last recession was caused by the tight monetary policy of the eighties and early nineties.



Testo completo: http://hdl.handle.net/1814/585

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