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The Great Recession In The Uk Labour Market: A Transatlantic Perspective

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Author Info

  • Michael W.L. Elsby

    (University of Michigan and NBER)

  • Jennifer C. Smith

    (University of Warwick)

Abstract

The increase in unemployment in the United Kingdom that accompanied the Great Recession has been conspicuous by its moderation. The rise in joblessness is dwarfed by the recent experience of the United States, by past recessionary episodes in the UK and by the contraction in GDP in the UK. Increased rates of job loss have played a dominant role in shaping the rise in British unemployment. Unemployment duration has not increased to the levels seen in previous recessions, in contrast to the US where duration substantially exceeds previous peaks. Looking forward, the UK labour market appears to have adjusted fully to the shocks that prompted the recession. Signs of reductions in match efficiency witnessed recently in the US are not mirrored in the UK. In contrast, while long-term unemployment currently remains well below historical levels, recent estimates of job finding rates suggest that it has the potential to rise much further. Thus, a timely recovery in aggregate demand will play an important role in averting persistently high unemployment in the future.

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Bibliographic Info

Article provided by National Institute of Economic and Social Research in its journal National Institute Economic Review.

Volume (Year): 214 (2010)
Issue (Month): 1 (October)
Pages: R26-R37

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Handle: RePEc:sae:niesru:v:214:y:2010:i:1:p:r26-r37

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Related research

Keywords: Labour market; business cycle; unemployment; worker flows;

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Cited by:
  1. Michael W. L. Elsby & Jennifer C. Smith & Jonathan Wadsworth, 2011. "The role of worker flows in the dynamics and distribution of UK unemployment," Oxford Review of Economic Policy, Oxford University Press, vol. 27(2), pages 338-363.
  2. Nitika Bagaria & Dawn Holland & John Van Reenen, 2012. "Fiscal consolidation during a depression," LSE Research Online Documents on Economics 47524, London School of Economics and Political Science, LSE Library.
  3. repec:mod:depeco:0010 is not listed on IDEAS

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