What determines unemployment in the long run? Band spectrum regression on ten countries 1913-2016
The rise in unemployment since the 1980s has been predominantlyunderstood as driven by short-term shocks, or long-run conditions in theform of rigid labor market institutions or 'jobless growth', mostly basedon studies on the period from 1960 onward. Aggregate demand is usu-ally assumed to have no long-run impact on unemployment, but recentcontributions call this into question. This paper adopts a