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Labour Markets in the Global Financial Crisis: The Good, the Bad and the Ugly

Author

Listed:
  • Daly, Mary C.
  • Fernald, John G.
  • Jordà, Òscar
  • Nechio, Fernanda

Abstract

This note examines labour market performance across countries through the lens of Okun's Law. We find that after the 1970s but prior to the global financial crisis of the 2000s, the Okun's Law relationship between output and unemployment became more homogenous across countries. These changes presumably reflected institutional and technological changes. But, at least in the short term, the global financial crisis undid much of this convergence, in part because the affected countries adopted different labour market policies in response to the global demand shock.

Suggested Citation

  • Daly, Mary C. & Fernald, John G. & Jordà, Òscar & Nechio, Fernanda, 2014. "Labour Markets in the Global Financial Crisis: The Good, the Bad and the Ugly," National Institute Economic Review, National Institute of Economic and Social Research, vol. 228, pages 58-64, May.
    • Handle: RePEc:cup:nierev:v:228:y:2014:i::p:r58-r64_15
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Les marchés du travail lors de la Grande Récession
      by ? in D'un champ l'autre on 2014-05-18 00:55:00

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    Cited by:

    1. Foroni, Claudia & Furlanetto, Francesco, 2026. "Explaining deviations from Okun’s law," European Economic Review, Elsevier, vol. 182(C).
    2. Anna-Maria Kanzola, 2024. "The Knowledge Content of the Greek Production Structure in the Aftermath of the Greek Crisis," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 936-957, March.
    3. Mark Elder & Magnus Bengtsson & Lewis Akenji, 2016. "An Optimistic Analysis of the Means of Implementation for Sustainable Development Goals: Thinking about Goals as Means," Sustainability, MDPI, vol. 8(9), pages 1-24, September.
    4. Levin, Andrew T., 2014. "The design and communication of systematic monetary policy strategies," Journal of Economic Dynamics and Control, Elsevier, vol. 49(C), pages 52-69.

    More about this item

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications

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