Unhappiness and job finding

Jan van Ours, Anne Gielen,

Date Published

Mon, 02/13/2012

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Europe's nations and regions Labour markets

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Germany, unemployment, Active Labour market policy, happiness

The Spanish labour market: A very costly insider-outsider divide

Samuel Bentolila, Juan Dolado, Juan Francisco Jimeno 20 January 2012

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Despite having a public debt-to-GDP ratio that is lower not only than Italy’s but also than that of France, Germany, and the UK, and despite having a new government committed to fiscal consolidation, Spain is still in trouble. It faces difficulties obtaining credit in international financial markets. Aside from the unresolved restructuring of its banking sector, this situation has arisen mainly as a result of a lack of competitiveness and low expected economic growth.

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Topics:  Europe's nations and regions Labour markets Poverty and income inequality

Tags:  unemployment, Spain, Labour-market reform, Eurozone crisis, Dual labour market

The German labour-market miracle

Michael Burda, Jennifer Hunt 02 November 2011

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At a time when unemployment rates in France, Italy, the UK, and the US are stuck around 8%-9%, many are turning to the apparent miracle in the German labour market in search of lessons. In 2008–09, German GDP plummeted 6.6% from peak to trough, yet joblessness rose only 0.5 percentage points before resuming a downward trend, and employment fell only 0.5%. In August 2011, the standardised unemployment rate was about 6.5%, the lowest since the post-reunification boom of 20 years ago (Source: Bureau of Labour Statistics).

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Topics:  Europe's nations and regions Labour markets

Tags:  Germany, unemployment, protestors

Firms’ deleveraging and the persistence of unemployment

Tommaso Monacelli, Vincenzo Quadrini, Antonella Trigari 18 October 2011

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The recent financial turmoil has been associated with a depressed state of the labour market. The unemployment rate in the US has risen from 5.5% to more than 10% and continues to remain close to 9% three years after the beginning of the recession (see Figure 1).

Figure 1. Unemployment rate

Note: percent, civilian unemployment rate. Source: BLS

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Topics:  Labour markets Macroeconomic policy

Tags:  US, unemployment, Great Recession

Market psychology, high unemployment and rational bubbles

Roger E. A. Farmer 18 August 2011

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According to a popular narrative (e.g. Shiller 2008), the Great Recession was caused by a bubble in the housing market. When the bubble burst, households were left with mortgages that exceeded the values of their houses. When they stopped spending, the resulting fall in consumer demand triggered an increase in unemployment. The drop in housing wealth was accompanied by a stock market crash, precipitated by the failure of Lehman Brothers in the fall of 2007.

Although this narrative fits the facts, it poses two major difficulties for conventional microeconomic theory.

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Topics:  Frontiers of economic research

Tags:  unemployment, psychology, bubbles, rational expectations

The allocation of time over the business cycle

Erik Hurst, Loukas Karabarbounis, Mark Aguiar 17 August 2011

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After years of steady growth, the global economy has turned and so too has the interest in unemployment (see recent examples on this site Smith 2011 and Cingano and Rosolia 2011). The rising levels of unemployment around the world bring up some key questions:

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Topics:  Labour markets

Tags:  US, unemployment, recession, jobs, time management

The ins and outs of UK unemployment

Jennifer Smith 18 July 2011

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The labour market is in a continual state of flux. Workers are hired, fired, joining the labour force and leaving the labour force. The balance of these flows determines the unemployment rate. In the US, research suggests that job finding is most influential in driving unemployment changes (Shimer 2007), although separation from jobs also plays a role at the start of recessions (Barnichon 2009, Elsby Michaels and Solon 2009; Fujita and Ramey 2009). But the US labour market stands out as different from other countries in its high level of turnover (Elsby et al. 2008).

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Topics:  Labour markets

Tags:  unemployment, job search, UK, employment protection

Where are the jobs? Out there, somewhere. Perhaps.

Alfonso Rosolia, Federico Cingano 17 July 2011

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The global crisis hit jobs hard. According to the OECD, between 2007 and 2010 the number of employed people fell by almost 5 million throughout OECD countries and the number of job seekers rose by over 16 million. It is now about two years since the trough of the recession, and unemployment rates remain at historical highs in many advanced economies despite signs of recovery in economic activity and labour demand.

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Topics:  Labour markets

Tags:  unemployment, jobs, networks

Egypt’s demographic pressure – Where and how to create jobs?

Marga Peeters 02 June 2011

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Demographic developments place Egypt among the group of countries around the globe with the highest labour-supply growth for many years to come. The Egyptian economy can reap a demographic dividend from this human capital potential if the new entrants find a job (see also Noland and Pack 2008).

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Topics:  Development Labour markets Politics and economics

Tags:  unemployment, Arab uprising, Egypt

Coping with crises: Policies to protect employment and earnings

Pierella Paci, Ana Revenga, Bob Rijkers 19 April 2011

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“There cannot be a crisis next week. My schedule is already full.” – Henry A Kissinger

Crises are difficult to predict, yet their recurrence is an empirical regularity in both developing and developed countries. Nevertheless, as painfully highlighted by the ad hoc and reactive nature of the policy responses to the financial crisis of 2009 and 2010, many countries are ill-prepared to manage these recurrent shocks.

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Topics:  Global crisis Labour markets Macroeconomic policy

Tags:  unemployment, financial crises

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