Unemployment , sectoral shocks , labor reallocation , Europe
Abstract:
We ask whether sectoral shocks and the subsequent labor reallocation are responsible
for unemployment within selected European economies. Our measure of
sectoral labor reallocation is adjusted for aggregate influences and the remaining
variation is linked to unemployment in country specific dynamic models. For Spain,
the ADL-model estimation reveals a significant impact of sectoral reallocation on
unemployment that goes beyond usual business cycle patterns. In Italy, there is
weaker yet detectable evidence for this mechanism. In Ireland, Portugal and France,
no significant influence of sector level shocks on unemployment is found. The results
emphasize the potential structural supply side policies have for reducing unemployment
in Spain.
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