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| Author: | Smith, J.C. |
| Title: | The ins and outs of UK unemployment |
| Journal: | Economic Journal
2011 : MAY, VOL 121:552 p. 402-444 |
| Index terms: | recession labour markets job search United Kingdom labour economics economic conditions |
| Language: | eng |
| Abstract: | This research paper shows that in the UK, increases in joblessness in a recession are driven by rises in the separation rate. A new decomposition of unemployment dynamics is devised that does not require unemployment to be steady all the time. This is essential since UK transition rates - one quarter the size of the US - imply substantial deviation of unemployment from steady state near cyclical turning points. In periods of moderation, the job finding rate is shown to have most effect on UK unemployment dynamics. Evidence comes from the study of monthly data derived from individuals' labor market spells from British Household Panel Survey from 1988 to 2008. |
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