Labour Markets in the Global Financial Crisis: The Good, the Bad and the Ugly

Mary C. Daly, John Fernald (), Oscar Jorda and Fernanda Nechio

National Institute Economic Review, 2014, vol. 228, issue 1, R58-R64

Abstract: This note examines labour market performance across countries through the lens of Okun's Law. We find that after the 1970s but prior to the global financial crisis of the 2000s, the Okun's Law relationship between output and unemployment became more homogenous across countries. These changes presumably reflected institutional and technological changes. But, at least in the short term, the global financial crisis undid much of this convergence, in part because the affected countries adopted different labour market policies in response to the global demand shock.

Keywords: Okun's Law; labour markets; labour hoarding (search for similar items in EconPapers)
JEL-codes: E24 E27 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (4)

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Related works:
Journal Article: Labour Markets in the Global Financial Crisis: The Good, the Bad and the Ugly (2014)
Working Paper: Labor Markets in the Global Financial Crisis: The Good, the Bad and the Ugly (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:sae:niesru:v:228:y:2014:i:1:p:r58-r64

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