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The remarkable transformation of the UV curve in economic theory

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  • Peter Rodenburg

Abstract

The purpose of this paper is to provide an analysis of the impact the Unemployment-Vacancy (UV) curve (or Beveridge curve) had on economic theory and to provide an account of the subsequent radical changes in its place and role over the decades since its first appearance in 1958. The paper traces the historical development of the UV curve and argues that the role of the UV curve has changed from that of a measuring device, to a graphical representation of full employment, to an axiom necessary for matching models of unemployment to a diagnostic tool. This changing role is best understood in the light of the paradigmatic change from Keynesianism to neoclassical search theory.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09672567.2011.546080
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The European Journal of the History of Economic Thought.

Volume (Year): 18 (2011)
Issue (Month): 1 ()
Pages: 125-153

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Handle: RePEc:taf:eujhet:v:18:y:2011:i:1:p:125-153

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Related research

Keywords: UV curve; Beveridge curve; UV analysis; structural relations; matching function; search theory; full employment; labour economics;

References

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  1. Hosios, Arthur J, 1994. "Unemployment and Vacancies with Sectoral Shifts," American Economic Review, American Economic Association, vol. 84(1), pages 124-44, March.
  2. P. Diamond, 1980. "Aggregate Demand Management in Search Equilibrium," Working papers 268, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Barbara Petrongolo & Christopher Pissarides, 2000. "Looking into the black box: a survey of the matching function," LSE Research Online Documents on Economics 2122, London School of Economics and Political Science, LSE Library.
  4. Bowden, Roger J, 1980. "On the Existence and Secular Stability of u-v Loci," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 47(185), pages 35-50, February.
  5. Abraham, Katharine G. & Katz, Lawrence F., 1986. "Cyclical Unemployment: Sectoral Shifts or Aggregate Disturbances?," Scholarly Articles 3442781, Harvard University Department of Economics.
  6. Taylor, Jim, 1972. "The Behaviour of Unemployment and Unfilled Vacancies: Great Britain, 1958-71. An Alternative View," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 82(328), pages 1352-65, December.
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  8. Pissarides, Christopher A, 1985. "Short-run Equilibrium Dynamics of Unemployment Vacancies, and Real Wages," American Economic Review, American Economic Association, vol. 75(4), pages 676-90, September.
  9. Diamond, Peter A, 1982. "Wage Determination and Efficiency in Search Equilibrium," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 49(2), pages 217-27, April.
  10. Hansen, Bent, 1970. "Excess Demand, Unemployment, Vacancies, and Wages," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 84(1), pages 1-23, February.
  11. Foster, J I, 1973. "The Behaviour of Unemployment and Unfilled Vacancies: Great Britain, 1958-1971-A Comment," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 83(329), pages 192-201, March.
  12. Giovanni Gallipoli & Gianluigi Pelloni, 2008. "Aggregate Shocks vs Reallocation Shocks: an Appraisal of the Applied Literature," Working Paper Series, The Rimini Centre for Economic Analysis 27-08, The Rimini Centre for Economic Analysis, revised Jan 2008.
  13. Lilien, David M, 1982. "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 90(4), pages 777-93, August.
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  15. Burch, Susan W & Fabricant, Ruth A, 1971. "Cyclical Behavior of Help-Wanted Index and the Unemployment Rate: A Reply," The Review of Economics and Statistics, MIT Press, vol. 53(1), pages 105-06, February.
  16. Gujarati, Damodar, 1969. "Cyclical Behavior of Help-Wanted Index and the Unemployment Rate," The Review of Economics and Statistics, MIT Press, vol. 51(4), pages 482-84, November.
  17. Pissarides, C A, 1979. "Job Matchings with State Employment Agencies and Random Search," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 89(356), pages 818-33, December.
  18. Warren, Ronald S, Jr, 1980. "Unemployment and Unfilled Vacancies in U.S. Manufacturing: A Search-Turnover View," The Review of Economics and Statistics, MIT Press, vol. 62(2), pages 292-95, May.
  19. Butters, Gerard R, 1977. "Equilibrium Distributions of Sales and Advertising Prices," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 44(3), pages 465-91, October.
  20. Hall, Robert E., 1979. "A theory of the natural unemployment rate and the duration of employment," Journal of Monetary Economics, Elsevier, Elsevier, vol. 5(2), pages 153-169, April.
  21. Thirlwall, A P, 1969. "Types of Unemployment: With Special Reference to 'Non Demand-Deficient' Unemployment in Great Britain," Scottish Journal of Political Economy, Scottish Economic Society, vol. 16(1), pages 20-49, February.
  22. S. Lael Brainard & David M. Cutler, 1990. "Sectoral Shifts and Cyclical Unemployment Reconsidered," NBER Working Papers 3491, National Bureau of Economic Research, Inc.
  23. Budd, Alan & Levine, Paul & Smith, Peter, 1987. "Long-term unemployment and the shifting U-V curve : A multi-country study," European Economic Review, Elsevier, vol. 31(1-2), pages 296-305.
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Cited by:
  1. Diamond, Peter A., 2013. "Structural unemployment," Public Policy Brief, Federal Reserve Bank of Boston, Federal Reserve Bank of Boston.
  2. Peter Diamond, 2013. "Cyclical Unemployment, Structural Unemployment," IMF Economic Review, Palgrave Macmillan, Palgrave Macmillan, vol. 61(3), pages 410-455, August.

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