The Ins and Outs of UK Unemployment
AbstractThis paper shows that in the UK, increases in unemployment in a recession are driven by rises in the separation rate. A new decomposition of unemployment dynamics is devised that does not require unemployment to be in steady state at all times. This is important because low UK transition rates â one quarter the size of the US âimply substantial deviation of unemployment from steady state near cyclical turning points. In periods of moderation, the job finding rate is shown to have most influence on UK unemployment dynamics. Evidence comes from the first study of monthly data derived from individualsâ labour market spells recorded in the British Household Panel Survey from 1988 to 2008.
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Bibliographic InfoArticle provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 121 (2011)
Issue (Month): 552 (05)
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Other versions of this item:
- Smith, Jennifer, 2010. "The Ins and Outs of UK Unemployment," The Warwick Economics Research Paper Series (TWERPS) 944, University of Warwick, Department of Economics.
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- JEL - Labor and Demographic Economics - - - - -
- Cla - Mathematical and Quantitative Methods - - - - -
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06-17, Federal Reserve Bank of Philadelphia.
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