Snower, Dennis J.; Henry, Brian; Karanassou, Marika - 2021
Adjustment Dynamics and the Natural Rate: An Account of UK Unemployment. This 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 … after-effects of persistent (transitory but long-lasting) shocks. We argue that (a) past UK labour market shocks have …