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Unemployment in the Great Recession

Abstract

This paper studies the responses of unemployment in Germany, the United States and Britainto 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, theconstruction sector and a residual attributed to policies and institutions, which is used to reach conclusions about policy.

To download the PDF version of the working paper click here.


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