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Unemployment in the Great Recession

  • Christopher A. Pissarides

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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File URL: http://hdl.handle.net/10.1111/ecca.12026
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Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 80 (2013)
Issue (Month): 319 (07)
Pages: 385-403

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Handle: RePEc:bla:econom:v:80:y:2013:i:319:p:385-403
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  1. Raven Molloy & Christopher L. Smith & Abigail K. Wozniak, 2011. "Internal Migration in the United States," NBER Working Papers 17307, National Bureau of Economic Research, Inc.
  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 wp2010_1009, CEMFI.
  3. Pascal Michaillat, 2010. "Do Matching Frictions Explain Unemployment? Not in Bad Times," CEP Discussion Papers dp1024, Centre for Economic Performance, LSE.
  4. Tom Krebs & Martin Scheffel, 2013. "Macroeconomic Evaluation of Labor Market Reform in Germany," IMF Economic Review, Palgrave Macmillan, vol. 61(4), pages 664-701, December.
  5. Shigeru Fujita & Garey Ramey, 2009. "The Cyclicality Of Separation And Job Finding Rates," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(2), pages 415-430, 05.
  6. 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.
  7. Christopher A. Pissarides, 2011. "Equilibrium in the Labor Market with Search Frictions," American Economic Review, American Economic Association, vol. 101(4), pages 1092-1105, June.
  8. 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, vol. 33(1), pages 34-47, 02.
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