A Theoretical and Growth Accounting Approach of Jobless Growth

摘要: n the mid 1980s during “Great Moderation” major economic variables such as GDP, monthly payroll employment and unemployment rate etc. began to decline their volatility. This study focuses on so-called jobless growth phenomenon, in long run. In this paper it is also emphasised that main theoretical explanations of process are labour market imperfections, i.e. sectoral-shifts crowding-out effects, loosening fiscal policy wage pressure public employment. Finally, components previous decades estimated with a simple accounting method effects activity, employment, participation rates taken into account. Analysing data OECD countries, concludes link between output has changed. JEL Classification: J64, J24, O49.