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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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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp1210.

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Date of creation: May 2013
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Handle: RePEc:cep:cepdps:dp1210
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  1. Pascal Michaillat, 2010. "Do Matching Frictions Explain Unemployment? Not in Bad Times," CEP Discussion Papers dp1024, Centre for Economic Performance, LSE.
  2. Bentolila, Samuel & Cahuc, Pierre & Dolado, Juan J. & Le Barbanchon, Thomas, 2010. "Two-Tier Labor Markets in the Great Recession: France vs. Spain," CEPR Discussion Papers 8152, C.E.P.R. Discussion Papers.
  3. 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.
  4. 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.
  5. Molloy, Raven & Smith, Christopher L. & Wozniak, Abigail, 2011. "Internal Migration in the United States," IZA Discussion Papers 5903, Institute for the Study of Labor (IZA).
  6. 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.
  7. Jesse Rothstein, 2011. "Unemployment Insurance and Job Search in the Great Recession," NBER Working Papers 17534, National Bureau of Economic Research, Inc.
  8. Pissarides, Christopher A., 2010. "Equilibrium in the Labour Market with Search Frictions," Nobel Prize in Economics documents 2010-9, Nobel Prize Committee.
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