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Can capital formation explain why unemployment has increased since the 1970s in the OECD countries?
Stockholm University, Faculty of Social Sciences, Department of Economic History and International Relations.ORCID iD: 0000-0002-4718-6434
(English)Manuscript (preprint) (Other academic)
Abstract [en]

This paper tests to what extent the increase of unemployment in many OECD countries since the 1970s may be explained by capital formation. Using an unbalanced macro panel dataset, this study also controls for a selection of variables pointed out by earlier research such as the unemployment replacement rate and the tax wedge. Novel contributions includes an exploration of heterogeneous correlations across countries and time, and potential interaction effects between capital formation and other explanatory variables. Results indicate that unemployment primarily can be explained by a decrease in capital formation and an increase in long-term real interest rates and the tax wedge. Results do not support interaction effects between capital formation and other variables. Results indicate that capital formation and real interest rate deserves more attention in discussions on unemployment.

Keywords [en]
Unemployment, capital formation
National Category
Economic History
Research subject
Economic History
Identifiers
URN: urn:nbn:se:su:diva-177217OAI: oai:DiVA.org:su-177217DiVA, id: diva2:1380369
Funder
The Jan Wallander and Tom Hedelius Foundation, P15-0133Available from: 2019-12-18 Created: 2019-12-18 Last updated: 2019-12-19Bibliographically approved
In thesis
1.
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