caa a22 4500 463158415 CHVBK 20180406164740.0 cr unu---uuuuu 170326e20071201xx s 000 0 eng 10.1007/s10258-007-0024-y doi (NATIONALLICENCE)springer-10.1007/s10258-007-0024-y The macroeconomics of the labor market: three fundamental views [Elektronische Daten] [Marika Karanassou, Hector Sala, Dennis Snower] We distinguish and assess three fundamental views of the labor market regarding the movements in unemployment: (1) the frictionless equilibrium view; (2) the chain reaction theory, or prolonged adjustment view; and (3) the hysteresis view. While the frictionless view implies a clear compartmentalization between the short- and long-run, the hysteresis view implies that all the short-run fluctuations automatically turn into long-run changes in the unemployment rate. We assert the problems faced by these conceptions in explaining the diversity of labor market experiences across the OECD labor markets. We argue that the prolonged adjustment view can overcome these problems since it implies that the short, medium, and long-runs are interrelated, merging with one another along an intertemporal continuum. Springer-Verlag, 2007 Unemployment nationallicence Interactive labor market dynamics nationallicence Interplay of lags and shocks nationallicence Frictional growth nationallicence Growth drivers nationallicence Karanassou Marika Department of Economics, Queen Mary, University of London, Mile End Road, E1 4NS, London, UK aut Sala Hector Departament d'Economia Aplicada, Universitat Autònoma de Barcelona, 08193, Bellaterra, Spain aut Snower Dennis Kiel Institute for the World Economy, Dusternbrooker Weg 120, 24105, Kiel, Germany aut Portuguese Economic Journal Springer-Verlag 6/3(2007-12-01), 151-180 1617-982X 6:3<151 2007 6 10258 https://doi.org/10.1007/s10258-007-0024-y text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s10258-007-0024-y text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Karanassou Marika Department of Economics, Queen Mary, University of London, Mile End Road, E1 4NS, London, UK aut NATIONALLICENCE 700 1- Sala Hector Departament d'Economia Aplicada, Universitat Autònoma de Barcelona, 08193, Bellaterra, Spain aut NATIONALLICENCE 700 1- Snower Dennis Kiel Institute for the World Economy, Dusternbrooker Weg 120, 24105, Kiel, Germany aut NATIONALLICENCE 773 0- Portuguese Economic Journal Springer-Verlag 6/3(2007-12-01), 151-180 1617-982X 6:3<151 2007 6 10258 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer