Unemployment in the Great Recession
AuthorPissarides, Christopher A.
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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 problemsthe USA suffered from structural unemployment during the recoveryGermany 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. © 2013 The London School of Economics and Political Science.