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

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

No 2014-11, Working Paper Series from Federal Reserve Bank of San Francisco

Abstract: This note examines labor 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 labor market policies in response to the global demand shock.

Keywords: Okun’s Law; Labor Markets; Labor Hoarding (search for similar items in EconPapers)
Pages: 15 pages
Date: 2014-04
New Economics Papers: this item is included in nep-lab
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Citations: View citations in EconPapers (2)

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Journal Article: Labour Markets in the Global Financial Crisis: The Good, the Bad and the Ugly (2014)
Journal Article: Labour 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:fip:fedfwp:2014-11

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DOI: 10.24148/wp2014-11

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