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The Remarkable Place of the UV-Curve in Economic Theory

  • Rodenburg, Peter

The purpose of this paper is to provide an analysis of the impact the UV-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 a measuring device to a graphical representation of full employment to an axiom necessary for matching models of unemployment. This changing role is best understood in the light of a paradigmatic change from Keynesianism to neoclassical search theory.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5823.

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Date of creation: 16 Nov 2007
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Handle: RePEc:pra:mprapa:5823
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  1. Barbara Petrongolo & Christopher Pissarides, 2000. "Looking into the black box: a survey of the matching function," LSE Research Online Documents on Economics 2122, London School of Economics and Political Science, LSE Library.
  2. Hoyt Bleakley & Jeffrey C. Fuhrer, 1997. "Shifts in the Beveridge Curve, job matching, and labor market dynamics," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 3-19.
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  6. Topel, Robert H, 1988. "Some Recent Developments in Labor Economics and Their Implications for Macroeconomics: Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(3), pages 523-26, August.
  7. Edmund S. Phelps, 1968. "Money-Wage Dynamics and Labor-Market Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 76, pages 678.
  8. Wall, Howard J & Zoega, Gylfi, 2002. " The British Beveridge Curve: A Tale of Ten Regions," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 64(3), pages 261-80, July.
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  12. 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.
  13. 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.
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  16. repec:cup:cbooks:9780521571357 is not listed on IDEAS
  17. Layard, Richard & Nickell, Stephen & Jackman, Richard, 1991. "Unemployment: Macroeconomic Performance and the Labour Market," OUP Catalogue, Oxford University Press, number 9780198284345, March.
  18. 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.
  19. 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.
  20. Hosios, Arthur J, 1990. "On the Efficiency of Matching and Related Models of Search and Unemployment," Review of Economic Studies, Wiley Blackwell, vol. 57(2), pages 279-98, April.
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  23. Gujarati, Damodar, 1972. "The Behaviour of Unemployment and Unfilled Vacancies: Great Britain, 1958-71. An Alternative View: Reply," Economic Journal, Royal Economic Society, vol. 82(328), pages 1365-68, December.
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  25. Oliver Jean Blanchard & Peter Diamond, 1989. "The Beveridge Curve," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(1), pages 1-76.
  26. Butters, Gerard R, 1977. "Equilibrium Distributions of Sales and Advertising Prices," Review of Economic Studies, Wiley Blackwell, vol. 44(3), pages 465-91, October.
  27. Gujarati, Damodar, 1972. "The Behaviour of Unemployment and Unfilled Vacancies," Economic Journal, Royal Economic Society, vol. 82(325), pages 195-204, March.
  28. Jackman, R & Layard, Richard & Pissarides, C, 1989. "On Vacancies," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 51(4), pages 377-94, November.
  29. Borsch-Supan, Axel H, 1991. "Panel Data Analysis of the Beveridge Curve: Is There a Macroeconomic Relation between the Rate of Unemployment and the Vacancy Rate?," Economica, London School of Economics and Political Science, vol. 58(231), pages 279-97, August.
  30. Paul Gregg & Barbara Petrongolo, 1997. "Random or Non-Random matching? Implications for the use of the UV 234 curve as a measure of matching effectiveness," CEP Discussion Papers dp0348, Centre for Economic Performance, LSE.
  31. 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.
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  33. 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.
  34. Storer, P, 1994. "Unemployment Dynamics and Labour Market Tightness: An Empirical Evaluation of Matching Function Models," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 9(4), pages 389-419, Oct.-Dec..
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