Economic growth, structural change, and search unemployment

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Abstract

Economic growth is driven by structural change. Structural change does not come without a cost. The most evident social cost of structural change is high and persistent unemployment. This paper develops a model with an endogenously expanding service sector, where the constant flow of workers in and out of employment leads to structural unemployment. The main finding is that the level of unemployment is different between the initial period and the long-run equilibrium growth path, and that along the transition path, the level of unemployment will overshoot its equilibrium level, which can explain the long-run pattern of unemployment in most industrialized countries.

Lingua originaleInglese
pagine (da-a)63-78
Numero di pagine16
RivistaJournal of Economics/ Zeitschrift fur Nationalokonomie
Volume96
Numero di pubblicazione1
DOI
Stato di pubblicazionePubblicato - 2009
Pubblicato esternamente

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