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Federal Reserve Bank of St. Louis
Working Papers
The British Beveridge curve: a tale of ten regions
Howard J. Wall
Gylfi Zoega
Abstract

Recent work has suggested the possibility that the Beveridge curve can shift over the business cycle. This is in contrast with a large body of literature claiming that Beveridge curves have shifted due to structural changes alone. To test these claims, we use county-level data to estimate the timing and magnitude of shifts in aggregate and regional British Beveridge curves. We find that these shifts coincide with the business cycle rather than with hysteresis effects or with changes in regional mismatch. This implies that the Beveridge curve is a flawed device for separating the effects of structural changes from those of the business cycle.


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Howard J. Wall & Gylfi Zoega, The British Beveridge curve: a tale of ten regions, Federal Reserve Bank of St. Louis, Working Papers 2001-007, 2001.
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Keywords: Unemployment
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