Buy custom Explaining European Unemployment: Testing the NAIRU Hypothesis and a Keynesian Approach

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11) as its policy

goal. But how is this to be achieved?

Most of the policies designed to combat unemployment focus on labor market

reform. For example Siebert writes ‘indeed, the specter of unemployment that is

haunting Europe will not be exorcised unless governments are prepared to undertake

major reforms of the institutional set up of the labor market’ (Siebert 1997, 53)...

Stockhammer

the last 25 years are a central reason for Europe’s poor labor market performance’

(Siebert, 1997, 39). This approach, which is based on the NAIRU theory, has been

taken up by governments and supranational organizations in their recommendations

on labor market policy. For example, the OECD offers a detailed list on how

to increase labor market flexibility (OECD 1997), advising how to reduce and

shorten unemployment benefits, reduce employment protection, and decentralize

collective bargaining...

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