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The Greek labour market during the crisis: unemployment, employment and labour force participation

Author

Listed:
  • Evangelia Papapetrou

    (Bank of Greece)

  • Dimitrios Bakas

    (National and Kapodistrian University of Athens)

Abstract
The aim of the study is to explore developments in key labour market aggregates, such as the unemployment rate, the participation rate and the employment rate, and to highlight the fact that in the current environment of deep and protracted economic downturn, these developments varied significantly compared with the period before the crisis. The empirical analysis, employing a two-regime threshold cointegration model, shows that the labor force participation rate has increased throughout the period from 1990 onwards, reflecting the long-term trend for increasing female employment. However, prior to 2010, this upward trend is found to be independent of the level of the unemployment rate. Conversely, after the period of Greece's entry into the Memorandum of Understanding (MoU), the participation rate appears to be associated with a particularly high level of unemployment rate that characterizes this period, while accompanied by a sharp fall in the employment rate. It is concluded that the recent high level of unemployment does not discourage potential workers from seeking employment. It appears, however, that new entrants have low employment chances.

Suggested Citation

  • Evangelia Papapetrou & Dimitrios Bakas, 2013. "The Greek labour market during the crisis: unemployment, employment and labour force participation," Economic Bulletin, Bank of Greece, issue 38, pages 65-83, November.
    • Handle: RePEc:bog:econbl:y:2013:i:38:p:65-83
    as

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    File URL: https://www.bankofgreece.gr/BogEkdoseis/econbull201311.pdf
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    References listed on IDEAS

    as
    1. Evangelia Papapetrou, 2007. "Education, labour market and wage differentials in Greece," Economic Bulletin, Bank of Greece, issue 28, pages 51-73, February.
    2. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    3. Patrinos, Harry Anthony, 1995. "Socioeconomic background, schooling, experience, ability and monetary rewards in Greece," Economics of Education Review, Elsevier, vol. 14(1), pages 85-91, March.
    4. Evangelia Papapetrou, 2008. "Evidence on gender wage differentials in Greece," Economic Change and Restructuring, Springer, vol. 41(2), pages 155-166, June.
    5. Psacharopoulos, George, 1982. "Earnings and education in Greece, 1960–1977," European Economic Review, Elsevier, vol. 17(3), pages 333-347.
    6. Kyprianos Prodromidis & Prodromos Prodromidis, 2008. "Returns to education: the Greek experience, 1988-1999," Applied Economics, Taylor & Francis Journals, vol. 40(8), pages 1023-1030.
    7. Evangelia Papapetrou, 2004. "Gender Wage Differentials in Greece," Economic Bulletin, Bank of Greece, issue 23, pages 47-64, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

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    JEL classification:

    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

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