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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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File URL: http://eprints.lse.ac.uk/51546/
File Function: Open access version.
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Paper provided by London School of Economics and Political Science, LSE Library in its series LSE Research Online Documents on Economics with number 51546.

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Length: 34 pages
Date of creation: 2013
Date of revision:
Handle: RePEc:ehl:lserod:51546
Contact details of provider: Postal: LSE Library Portugal Street London, WC2A 2HD, U.K.
Phone: +44 (020) 7405 7686
Web page: http://www.lse.ac.uk/

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  1. Pascal Michaillat, 2012. "Do Matching Frictions Explain Unemployment? Not in Bad Times," American Economic Review, American Economic Association, vol. 102(4), pages 1721-50, June.
  2. 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.
  3. 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.
  4. Krebs, Tom & Scheffel, Martin, 2012. "Macroeconomic Evaluation of Labor Market Reform in Germany," Working Papers 12-23, University of Mannheim, Department of Economics.
  5. Pissarides, Christopher A., 2010. "Equilibrium in the Labour Market with Search Frictions," Nobel Prize in Economics documents 2010-9, Nobel Prize Committee.
  6. Jesse Rothstein, 2011. "Unemployment Insurance and Job Search in the Great Recession," NBER Working Papers 17534, National Bureau of Economic Research, Inc.
  7. 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.
  8. Raven Molloy & Christopher L. Smith & Abigail Wozniak, 2011. "Internal Migration in the United States," Journal of Economic Perspectives, American Economic Association, vol. 25(3), pages 173-96, Summer.
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