NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Cyclical Unemployment, Structural Unemployment

Peter A. Diamond

NBER Working Paper No. 18761
Issued in February 2013
NBER Program(s):   EFG   LS   ME

Whenever unemployment stays high for an extended period, it is common to see analyses, statements, and rebuttals about the extent to which the high unemployment is structural, not cyclical. This essay views the Beveridge Curve pattern of unemployment and vacancy rates and the related matching function as proxies for the functioning of the labor market and explores issues in that proxy relationship that complicate such analyses. Also discussed is the concept of mismatch.

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Document Object Identifier (DOI): 10.3386/w18761

Published: Peter Diamond, 2013. "Cyclical Unemployment, Structural Unemployment," IMF Economic Review, Palgrave Macmillan, vol. 61(3), pages 410-455, August.

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