Unemployment in the Great Recession

Bibliographic Data

ID9726475
AuthorsChristopher A Pissarides (0000-0002-0695-058X, London School of Economics and Political Science, corresponding author)
Year2013
Volume80
Issue319
Pages385-403
Publication date2013-07-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueEconomica (JOURNAL)
Journal identifiersISSN: 0013-0427 • E-ISSN: 1468-0335
PublisherWiley (PUBLISHER • GB)
DOI10.1111/ecca.12026
OpenAlexW1604027406
LanguageEN
Citations received10
References cited13

This paper studies the responses of unemployment in Germany, the USA and the UK to the Great Recession of 2008–9 using Beveridge curve analysis, and in the entire OECD using other techniques. It is shown that the UK suffered from recession but no structural problems; the USA 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

Beveridge curve · Economics · Full employment · Great recession · Keynesian economics · Labour economics · Macroeconomics · Recession · Structural unemployment · Unemployment · Unemployment rate · Economic Theory and Policy · Regional Development and Policy · Unemployment and Economic Growth