The Beveridge Curve in the OECD Before and After the Crisis

Sergio Destefanis and Giuseppe Mastromatteo

Discussion Papers from CRISEI, University of Naples "Parthenope", Italy

Abstract: This paper tests the existence of a Beveridge Curve across the economies of nine OECD countries from 1980 to 2011, investigating the impact of various kinds of structural factors (technological progress, globalisation, oil prices) and of the current recession on the Curve. Technological progress (R&D intensity) shifts the Curve outwards, producing evidence in support of the creative destruction effect. Globalisation and unfavourable oil price shocks also shift the Curve outwards, worsening the unemployment-vacancies trade-off. Structural relationships seem to be stable enough in the 2008-2011 period, suggesting that the current crisis mainly implied moves along the Curve.

Keywords: Unemployment; vacancies; capitalisation effect; creative destruction; labour-market institutions. (search for similar items in EconPapers)
JEL-codes: E24 F60 J20 O40 (search for similar items in EconPapers)
Date: 2015-03-04
New Economics Papers: this item is included in nep-eec and nep-mac
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