Autori
Barrell, Ray
Riley, Rebecca

Titolo
Equilibrium unemployment and labour market flows in the UK
Periodico
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1999 - Fascicolo: 3 - Pagina iniziale: 1 - Pagina finale: 25

We argue that equilibrium unemployment has varies in thè UK over thè lasi twenty years, and that lime series econometrie methods have not always been suited to uncovering its evolution. Recent changes in thè UK labour market seem to have had a significant impaci on equilibrium unemployment, partly through a reduction in prime age participation. We calculate equilibrium unemployment using flows between employment, unemployment and inactivity for prime age members of ihe work-force. Labour market transitions do appear to have been eased by thè acquisition of skills amongst thè unemployed in thè 1980s and 1990s, offsetting some of thè potenlial effects of skill biased technical progress. Equilibrium unemploymenl may have fallen by up to two pinls in ihe 1990s as compared to thè late 1980s. We would judge that thè UK has been dose lo equilibrium employmenl since late 1996.



Testo completo: http://www.iue.it/ECO/WP-Texts/ECO99-3.pdf

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