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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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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
DOI: 10.1080/09672567.2011.546080
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  1. 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.
  2. Abraham, Katharine G & Katz, Lawrence F, 1986. "Cyclical Unemployment: Sectoral Shifts or Aggregate Disturbances?," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 507-22, June.
  3. P. Diamond, 1980. "Aggregate Demand Management in Search Equilibrium," Working papers 268, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. 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.
  5. Barbara Petrongolo & Christopher A. Pissarides, 2000. "Looking Into the Black Box: A Survey of the Matching Function," CEP Discussion Papers dp0470, Centre for Economic Performance, LSE.
  6. 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.
  7. 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.
  8. 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.
  9. Peter A. Diamond, 1982. "Wage Determination and Efficiency in Search Equilibrium," Review of Economic Studies, Oxford University Press, vol. 49(2), pages 217-227.
  10. 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.
  11. Christopher A. Pissarides, 2000. "Equilibrium Unemployment Theory, 2nd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262161877, March.
  12. 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.
  13. Hosios, Arthur J, 1994. "Unemployment and Vacancies with Sectoral Shifts," American Economic Review, American Economic Association, vol. 84(1), pages 124-44, March.
  14. 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.
  15. 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.
  16. repec:rim:rimwps:27-08 is not listed on IDEAS
  17. 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.
  18. Gerard R. Butters, 1977. "Equilibrium Distributions of Sales and Advertising Prices," Review of Economic Studies, Oxford University Press, vol. 44(3), pages 465-491.
  19. Bent Hansen, 1970. "Excess Demand, Unemployment, Vacancies, and Wages," The Quarterly Journal of Economics, Oxford University Press, vol. 84(1), pages 1-23.
  20. 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.
  21. 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.
  22. 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.
  23. 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.
  24. Giovanni Gallipoli & Gianluigi Pelloni, 2008. "Aggregate Shocks vs Reallocation Shocks: an Appraisal of the Applied Literature," Working Paper Series 27_08, The Rimini Centre for Economic Analysis.
  25. Lilien, David M, 1982. "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 777-93, August.
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