This paper painstakingly restores a vintage empirical model of unemployment determination by interacting
shocks and institutions, and runs it on recent data featuring dramatic shocks and controversial institutional change.
Theoretical insights and empirical results suggest that reforms and capital ?ows contribute sensible and interrelated
explanations for the recent twists and turns of unemployment rates in Europe and elsewhere.
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Istituto nazionale Ferruccio Parri. Rete degli Istituti per la storia della Resistenza e dell'età contemporanea [Milano] : Biblioteca Via Federico Confalonieri 14 20124 - Milano