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Education and the Natural Rate of Unemployment

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  • Francesconi, Marco, et al

Abstract

We show how changes in the educational composition of the labour force affect both the level and the behaviour over time of aggregate unemployment series. We also demonstrate that if it had not been for such changes, the US unemployment series would look "European" since the within-group unemployment series all have that same appearance. We derive a natural-rate model of unemployment for two education groups, providing microfoundations for inter-group differences in wages and unemployment, and evaluate its plausibility in light of microeconomic evidence. Copyright 2000 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 52 (2000)
Issue (Month): 1 (January)
Pages: 204-23

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Handle: RePEc:oup:oxecpp:v:52:y:2000:i:1:p:204-23

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Cited by:
  1. Matthias Weiss & Alfred Garloff, 2005. "Skill Biased Technological Change and Endogenous Benefits: The Dynamics of Unemployment and Wage Inequality," MEA discussion paper series 05100, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  2. Howard J. Wall & Gylfi Zoega, 2003. "U. S. regional business cycles and the natural rate of unemployment," Working Papers 2003-030, Federal Reserve Bank of St. Louis.
  3. Ron Smith & Gylfi Zoega, 2004. "Global Shocks and Unemployment Adjustment," Birkbeck Working Papers in Economics and Finance 0401, Birkbeck, Department of Economics, Mathematics & Statistics.
  4. Smith, Ron P. & Zoega, Gylfi, 2007. "Global Factors, Unemployment Adjustment and the Natural Rate," Economics Discussion Papers 2007-48, Kiel Institute for the World Economy.

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