Unemployment in the Great Recession

Christopher Pissarides

CEP Discussion Papers from Centre for Economic Performance, LSE

Abstract: 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.

Keywords: Unemployment; Great Recession; vacancies; Beveridge curve; construction sector; policies and institutions (search for similar items in EconPapers)
JEL-codes: E24 J6 (search for similar items in EconPapers)
Date: 2013-05
New Economics Papers: this item is included in nep-eec, nep-ltv and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (34)

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https://cep.lse.ac.uk/pubs/download/dp1210.pdf (application/pdf)

Related works:
Journal Article: Unemployment in the Great Recession (2013)
Working Paper: Unemployment in the great recession (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:cep:cepdps:dp1210

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