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The remarkable transformation of the UV curve in economic theory

  • Peter Rodenburg

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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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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  1. Robert E. Hall, 1978. "A Theory of the Natural Unemployment Rate and the Duration of Employment," NBER Working Papers 0251, National Bureau of Economic Research, Inc.
  2. Cohen, Malcolm S & Solow, Robert M, 1970. "The Behavior of Help-Wanted Advertising: A Reply," The Review of Economics and Statistics, MIT Press, vol. 52(4), pages 442-43, November.
  3. Hosios, Arthur J, 1994. "Unemployment and Vacancies with Sectoral Shifts," American Economic Review, American Economic Association, vol. 84(1), pages 124-44, March.
  4. Christopher A. Pissarides, 2000. "Equilibrium Unemployment Theory, 2nd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262161877.
  5. S. Lael Brainard & David M. Cutler, 1993. "Sectoral Shifts and Cyclical Unemployment Reconsidered," The Quarterly Journal of Economics, Oxford University Press, vol. 108(1), pages 219-243.
  6. Diamond, Peter A, 1982. "Aggregate Demand Management in Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 881-94, October.
  7. Christopher A. Pissarides & Barbara Petrongolo, 2001. "Looking into the Black Box: A Survey of the Matching Function," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 390-431, June.
  8. 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.
  9. Lilien, David M, 1982. "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 777-93, August.
  10. Katharine G. Abraham & Lawrence F. Katz, 1984. "Cyclical Unemployment: Sectoral Shifts or Aggregate Disturbances?," NBER Working Papers 1410, National Bureau of Economic Research, Inc.
  11. repec:rim:rimwps:27-08 is not listed on IDEAS
  12. Bent Hansen, 1970. "Excess Demand, Unemployment, Vacancies, and Wages," The Quarterly Journal of Economics, Oxford University Press, vol. 84(1), pages 1-23.
  13. Evans, Graham J, 1975. "A Note on Trends in the Relationship between Unemployment and Unfilled Vacancies," Economic Journal, Royal Economic Society, vol. 85(337), pages 135-39, March.
  14. 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.
  15. 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.
  16. 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.
  17. Gerard R. Butters, 1977. "Equilibrium Distributions of Sales and Advertising Prices," Review of Economic Studies, Oxford University Press, vol. 44(3), pages 465-491.
  18. Foster, J I, 1973. "The Behaviour of Unemployment and Unfilled Vacancies: Great Britain, 1958-1971-A Comment," Economic Journal, Royal Economic Society, vol. 83(329), pages 192-201, March.
  19. Taylor, Jim, 1972. "The Behaviour of Unemployment and Unfilled Vacancies: Great Britain, 1958-71. An Alternative View," Economic Journal, Royal Economic Society, vol. 82(328), pages 1352-65, December.
  20. Peter A. Diamond, 1982. "Wage Determination and Efficiency in Search Equilibrium," Review of Economic Studies, Oxford University Press, vol. 49(2), pages 217-227.
  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. 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.
  23. Bowden, Roger J, 1980. "On the Existence and Secular Stability of u-v Loci," Economica, London School of Economics and Political Science, vol. 47(185), pages 35-50, February.
  24. Pissarides, C A, 1979. "Job Matchings with State Employment Agencies and Random Search," Economic Journal, Royal Economic Society, vol. 89(356), pages 818-33, December.
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