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dc.contributor.authorHenry, Brianen_US
dc.contributor.authorKaranassou, Marikaen_US
dc.contributor.authorSnower, Dennis J.en_US
dc.date.accessioned2009-01-28T14:37:39Z-
dc.date.available2009-01-28T14:37:39Z-
dc.date.issued1999en_US
dc.identifier.urihttp://hdl.handle.net/10419/2382-
dc.description.abstractThis paper challenges what is the standard account of UK unemployment, namely that the major swings in unemployment over the past 25 years are due predominantly to movements in the underlying empirical “natural rate of unemployment” (NRU). Our analysis suggests that the British NRU has remained reasonable stable through time and that the medium-run swings in unemployment are due, instead, to very prolonged after-effects of persistent (transitory but long-lasting) shocks. We argue that (a) past UK labour market shocks have prolonged after-effects on unemployment due to interactions among different lagged adjustment processes in the labour market, (b) many of the important shocks that have hit the UK labour market over the past 25 years have been persistent, and (c) the persistence of the shocks is complementary to the persistence of the lagged adjustment processes in generating movements of UK unemployment.-
dc.language.isoengen_US
dc.publisherIZA Bonn-
dc.relation.ispartofseriesDiscussion paper series / Forschungsinstitut zur Zukunft der Arbeit 75-
dc.subject.jelJ64en_US
dc.subject.jelE30en_US
dc.subject.jelE37en_US
dc.subject.jelJ32en_US
dc.subject.jelJ60en_US
dc.subject.ddc330-
dc.subject.keywordUnemploymenten_US
dc.subject.keywordNatural rate hypothesis-
dc.subject.keywordLabour markets-
dc.subject.keywordEmployment-
dc.subject.keywordAdjustment costs-
dc.titleAdjustment dynamics and the natural rate: An account of UK unemploymenten_US
dc.typeWorking Paperen_US
dc.identifier.ppn311975267en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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