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The Short Run: The Rise and Decline of Unemployment

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Abstract

Unemployed labour is obviously a waste of a potentially valuable resource: during the 1980s, the unemployment rate in Malaysia — combining the actively and passively unemployed — averaged 6.5 per cent and did not fall below 5 per cent. Moreover unemployment was slow to recover from the high point of 8.3 per cent during the recession in 1986. Only in the early 1990s did the unemployment rate finally achieve consistently low rates.

Keywords

Unemployment Rate Real Wage Nominal Wage Real Earning Collective Bargaining Agreement 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Robert E. B. Lucas and Donald Verry 1999

Authors and Affiliations

  1. 1.Boston UniversityUSA
  2. 2.University College LondonUK

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