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Abstract:

Journal article
Unemployment in the Great Recession
Christopher A. Pissarides
July 2013
Paper No' :


Tags: unemployment; germany; usa; uk; recession; the great recession 2008

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.