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 movements in the underlying empirical “natural rate of unemployment” (NRU … unemployment are due, instead, to very prolonged after-effects of persistent (transitory but long-lasting) shocks. We argue that (a …

unemployment are viewed as "chain reactions" of responses to labor market shocks, working their way through systems of interacting …The aim of this paper is to analyze and estimate salient characteristics of unemployment dynamics. Movements in … lagged adjustment processes. In the context of estimated labor market systems for Germany, the UK, and the US, we construct …

unemployment are viewed as "chain reactions" of responses to labor market shocks, working their way through systems of interacting …The aim of this paper is to analyze and estimate salient characteristics of unemployment dynamics. Movements in … lagged adjustment processes. In the context of estimated labor market systems for Germany, the UK, and the US, we construct …

This paper challenges what is the standard account of UK unemployment, namely that the major swings in unemployment … 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 …

The aim of this paper is to analyze and estimate salient characteristics of unemployment dynamics. Movements in … unemployment are viewed as "chain reactions" of responses to labour market shocks, working their way through systems of interacting … aggregate measures of unemployment responses to temporary and permanent shocks. These measures are temporal and quantitative …

In this paper we challenge the traditional labour market view, which argues that unemployment is determined in the long … the permanent and transitory components for the movements of the unemployment rate in four countries (Austria, France, UK …, and USA). We find that the transitory component has a significant impact on unemployment only in the US. In contrast to …

unemployment are viewed as "chain reactions" of responses to labor market shocks, working their way through systems of interacting …The aim of this paper is to analyze and estimate salient characteristics of unemployment dynamics. Movements in … lagged adjustment processes. In the context of estimated labor market systems for Germany, the UK, and the US, we construct …

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 … movements in the underlying empirical "natural rate of unemployment" (NRU). Our analysis suggests that the British NRU has …