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.

中文翻译：

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模拟 Covid-19 对英国劳动力市场的不同影响†


本文研究了 Covid-19 大流行对英国毕业生和非毕业生的影响。我们构建了一个带有搜索摩擦的 DSGE 模型，该模型是围绕英国劳动力市场的关键特征而设计的，并使用一系列冲击来模拟该模型，旨在模拟 Covid-19 大流行的影响。我们证明，我们相对简单的宏观经济模型可以描述疫情对产出、就业和工资的影响。我们的研究结果显示，疫情对非毕业生就业和工资的影响比毕业生更严重，如果没有职位保留计划，第一波疫情将导致多达 500 万个工作岗位流失。