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Unemployment in the Great Recession

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  • Christopher A. Pissarides

Abstract

This paper studies the responses of unemployment in Germany, the United States and Britain to the Great Recession of 2008-09 by making use of Beveridge curve analysis, and in the entire OECD with other techniques. It is shown that Britain suffered from recession but no structural problems; the United States suffered from structural unemployment during the recovery; Germany exhibited a much better performance both during and after the recession. The rise in OECD unemployment is broken down into parts due to aggregate activity, the construction sector and a residual attributed to policies and institutions, which is used to reach conclusions about policy.

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Bibliographic Info

Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp1210.

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Date of creation: May 2013
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Handle: RePEc:cep:cepdps:dp1210

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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

Related research

Keywords: Unemployment; Great Recession; vacancies; Beveridge curve; construction sector; policies and institutions;

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  1. Jesse Rothstein, 2011. "Unemployment Insurance and Job Search in the Great Recession," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 43(2 (Fall)), pages 143-213.
  2. Samuel Bentolila & Pierre Cahuc & Juan J. Dolado & Thomas Le Barbanchon, 2010. "Two-Tier Labor Markets In The Great Recession: France Vs. Spain," Working Papers, CEMFI wp2010_1009, CEMFI.
  3. Tom Krebs & Martin Scheffel, 2013. "Macroeconomic Evaluation of Labor Market Reform in Germany," IMF Working Papers 13/42, International Monetary Fund.
  4. Molloy, Raven & Smith, Christopher L. & Wozniak, Abigail, 2011. "Internal Migration in the United States," IZA Discussion Papers 5903, Institute for the Study of Labor (IZA).
  5. Pascal Michaillat, 2010. "Do Matching Frictions Explain Unemployment? Not in Bad Times," CEP Discussion Papers dp1024, Centre for Economic Performance, LSE.
  6. Metin Akyol & Michael Neugart & Stefan Pichler, 2013. "Were the Hartz Reforms Responsible for the Improved Performance of the German Labour Market?," Economic Affairs, Wiley Blackwell, Wiley Blackwell, vol. 33(1), pages 34-47, 02.
  7. Pissarides, Christopher A., 2010. "Equilibrium in the Labour Market with Search Frictions," Nobel Prize in Economics documents, Nobel Prize Committee 2010-9, Nobel Prize Committee.
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