Modelling the Differing Impacts of Covid-19 in the UK Labour Market

Chris Martin; Magdalyn Okolo

doi:10.1111/obes.12497

Modelling the Differing Impacts of Covid-19 in the UK Labour Market

Chris Martin, Magdalyn Okolo

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Abstract

This article studies the impact of the Covid-19 pandemic on graduates and non-graduates in the United Kingdom. We construct a DSGE model with search frictions that is designed around key features of the UK labour market and simulate the model using an array of shocks, designed to mimic the impact of the Covid-19 pandemic. We show that our relatively simple macroeconomic model can describe the impact of the pandemic on output, employment and wages. Our results show that the impact of the pandemic on employment and wages was more severe for non-graduates than for graduates, and that up to 5 million jobs would have been lost in the first wave of the pandemic in the absence of the Job Retention Scheme.

Original language	English
Pages (from-to)	994-1017
Number of pages	24
Journal	Oxford Bulletin of Economics and Statistics
Volume	84
Issue number	5
Early online date	18 Apr 2022
DOIs	https://doi.org/10.1111/obes.12497
Publication status	Published - 31 Oct 2022

ASJC Scopus subject areas

Statistics and Probability
Social Sciences (miscellaneous)
Economics and Econometrics
Statistics, Probability and Uncertainty

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10.1111/obes.12497

Modelling the Differing Impacts of Covid-19 in the UK Labour Market (accepted author manuscript)
This is the peer reviewed version of the following article: Martin, C. and Okolo, M. (2022), Modelling the Differing Impacts of Covid-19 in the UK Labour Market†. Oxf Bull Econ Stat, which has been published in final form at https://doi.org/10.1111/obes.12497. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited.
Accepted author manuscript, 1.3 MB

Cite this

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Modelling the Differing Impacts of Covid-19 in the UK Labour Market

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