The typical dynamics of unemployment over a recession The table below shows the behavior of the annual
Question:
The typical dynamics of unemployment over a recession The table below shows the behavior of the annual growth rate of real GDP of the United Kingdom during four recession episodes: the eighties, the nineties, the global financial crisis (2008-2010) and the European sovereign debt crisis (2010-2015).
Download the time series from the Web site of the Office of National Statistics from the sections entitled "Gross Domestic Product: Quarter on Quarter growth: CVM SA\%" and "Unemployment rate."
a. Explain whether the unemployment rate during each of these four recessions was higher during the year of declining output or the following year.
b. Go to the Web site of the U.K. government Services and Information (https://www.gov.uk/jobseekers-allowance/). What are terms and conditions of the unemployment benefits and the jobseeker's allowance in the United Kingdom?
c. How soon has the rate of unemployment started to decline after the each of the global financial crisis and the European Debt Crisis? Do you believe that these benefits could have discouraged workers from returning to the labor market as the economy started its recovery?
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Year 1982 1984 1992 1993 1994 2008 2009 2011 2012 Real GDP Growth Unemployment Rate Activate Go to Sett
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