Unemployment in the 21st Century: The Interaction between Macroeconomic Shocks and Institutions
This paper analyses the driving factors of youth- and adult unemployment in the OECD-countries during the 21st century. Focus is on both macroeconomic shock variables, such as the GDP-gap, the real interest rate and total factor productivity-growth, and institutional variables, such as union density, active labour market policies, the tax wedge, the replacement rate and the share of temporary empl