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CEPAL Review

Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of economic reform and transfer of technology. Written in English and Spanish (Revista de la Cepal), each tri-annual issue offers approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.

English Spanish

Unemployment dynamics in Uruguay: An analysis using chain reaction theory

This article analyses unemployment dynamics in Uruguay within the framework of chain reaction theory and offers evidence to account for the remarkable drop in unemployment over recent years. It confirms the impact of exogenous variables on the long-run trajectory of unemployment and rules out the notion that its long-run level gravitates around an equilibrium value. It identifies inertia processes in labour supply and demand and in wages, whose mutual interactions mean that shocks have persistent effects on unemployment. There are also complementary spillover effects that influence the magnitude and duration of the effects of shocks. Lastly, the article emphasizes that growth in the capital stock and capital productivity accounts for some of the substantial decline in unemployment in Uruguay since 2003.

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