Kiel Working Papers, Kiel Institute for World Economics
No 1096:
Keynesian and Monetarist Views on the German Unemployment Problem ; Theory and Evidence
Jan Gottschalk
Abstract: Persistently high unemployment rates in Germany have led
to a long-running controversy on the causes of the unemployment problem.
This paper aims to review the contribution of Keynesian and monetarist
theories to this controversy and explores empirically their implications
for the explanation of high unemployment in Germany using a structural
vector regression approach. In addition, this paper discusses the so-called
wage gap which plays an important role in the debate whether the German
unemployment problem is a real wage problem. Even though this paper cannot
hope to settle the unemployment controversy, it nevertheless shows why a
consensus has remained elusive.
Keywords: Unemployment, Phillips Curve, Structural Vector Autoregressions; (follow links to similar papers)
JEL-Codes: B22; C32; E24; (follow links to similar papers)
150 pages, January 2002
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