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Current issue

Volume 47 · issue 1 · January/February 2012

Contents

Forum

Challenges Facing European Labour Markets: Is a Skill Upgrade the Appropriate Instrument?

With articles by S. Scarpetta, A. Sonnet, I. Livanos, I. Núñez, W. Riddell, X. Song, I. Maselli

Other articles

  • Jörg Rocholl · The True Significance of the EFSF Downgrade
  • Klaus F. Zimmermann, Mathias Dolls, Andreas Peichl · A Challenge for the G20: Global Debt Brakes and Transnational Fiscal Supervisory Councils
  • Hanno Beck, Aloys Prinz · The Trilemma of a Monetary Union: Another Impossible Trinity
  • Bas van Aarle, Marcus Kappler · Economic Sentiment Shocks and Fluctuations in Economic Activity in the Euro Area and the USA
  • Julien Hanoteau · A Mediterranean Agreement for Tuna Conservation: The Political Benefit of an International ITQ Scheme
  • Gianluca Cafiso · Debt Developments and Fiscal Adjustment in the EU

Quote of the Month

In this uncertain situation, the analysis [...] shows that labour market conditions have worsened for the highly educated.

from Ilias Livanos and Imanol Núñez's Forum article Young Workers’ Employability and Higher Education in Europe in the Aftermath of the Financial Crisis: An Initial Assessment

In the current issue

Challenges Facing European Labour Markets: Is a Skill Upgrade the Appropriate Instrument?

by S. Scarpetta, A. Sonnet, I. Livanos, I. Núñez, W. Riddell, X. Song, I. Maselli

The financial and economic crisis shattered the Lisbon Strategy’s attempt to increase the EU’s employment rate to 70% among 15-64 year olds by 2010. The new Europe 2020 strategy envisages a 75% adult employment rate by 2020; however, this goal also seems unrealistic in light of the economic crisis which has caused the EU’s employment rate to drop significantly below 70%. A crucial question now is whether a skill upgrade of the European labour force would help to increase the employment rate, especially among youth. This Forum explores the relationship between education and employment throughout the EU. more (PDF, 379 kB)

Economic Sentiment Shocks and Fluctuations in Economic Activity in the Euro Area and the USA

by B. van Aarle, M. Kappler

Economic sentiment indicators can provide a wealth of information for macroeconomic policy formulation and analysis. Despite this, economic sentiment is often neglected by mainstream economics. This article assesses whether there is a potential role for economic sentiment to amplify business cycle fluctuations. This paper integrates the European Commission Economic Sentiment Indicator data into an econometric analysis of the euro area business cycle. The investigation of the euro area economy suggests that sentiment shocks do have an impact on important macroeconomic variables such as output, retail sales, and unemployment. There is furthermore significant evidence that economic conditions and shocks affect economic sentiment. more (PDF, 157 kB)