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Education and the Natural Rate of Unemployment

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  • Francesconi, Marco, et al

Abstract

We show how changes in the educational composition of the labour force affect both the level and the behaviour over time of aggregate unemployment series. We also demonstrate that if it had not been for such changes, the US unemployment series would look "European" since the within-group unemployment series all have that same appearance. We derive a natural-rate model of unemployment for two education groups, providing microfoundations for inter-group differences in wages and unemployment, and evaluate its plausibility in light of microeconomic evidence. Copyright 2000 by Oxford University Press.

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  • Francesconi, Marco, et al, 2000. "Education and the Natural Rate of Unemployment," Oxford Economic Papers, Oxford University Press, vol. 52(1), pages 204-223, January.
  • Handle: RePEc:oup:oxecpp:v:52:y:2000:i:1:p:204-23
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    Cited by:

    1. Howard J. Wall & Gylfi Zoega, 2004. "U. S. regional business cycles and the natural rate of unemployment," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 23-32.
    2. Ron Smith & Gylfi Zoega, 2004. "Global Shocks and Unemployment Adjustment," Economics wp24_smith, Department of Economics, Central bank of Iceland.
    3. Smith, Ron P. & Zoega, Gylfi, 2008. "Global Factors, Unemployment Adjustment and the Natural Rate," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 2, pages 1-29.

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