The Great Recession has led to important adjustments in the labour market of most developed countries and has dramatically affected the labour market in Spain. According to the Labour Force Survey, the Spanish unemployment rate has increased drastically from 8.5% in 2006 to 25% in 2012 (see the figure). In order to understand the unemployment rate it is important to consider both entry into and exit out of unemployment. This thesis addresses relevant questions for policymakers in line with the objectives of the Europe 2020 strategy. How does the Great Recession affect the patterns and determinants of durations of unemployment and new job matches? How did gender differences in labour market outcomes change over the last business cycle? Using administrative records data from Spanish Social Security and applying correlated competing risks models, the impact of the current recession on unemployment and employment transitions and gender differences in labour market outcomes is studied. The Spanish labour market is characterized by high labour turnover (particularly, to other jobs in the expansion period and to unemployment in the recession), occupational segregation by gender and different returns to the characteristics by gender. During the current recession, both unemployment durations and inflows into unemployment have increased while wages have declined, especially for men (reducing the gender gaps), young and older workers, immigrants and those with low level of qualification. High level of qualification, working in larger firms and high technology sector are associated with lower unemployment and better job quality. As a consequence, the Spanish labour market requires important reforms to attain the objectives of Europe 2020.The Great Recession has led to important adjustments in the labour market of most developed countries and has dramatically affected the labour market in Spain. According to the Labour Force Survey, the Spanish unemployment rate has increased drastically from 8.5% in 2006 to 25% in 2012 (see the figure). In order to understand the unemployment rate it is important to consider both entry into and exit out of unemployment. This thesis addresses relevant questions for policymakers in line with the objectives of the Europe 2020 strategy. How does the Great Recession affect the patterns and determinants of durations of unemployment and new job matches? How did gender differences in labour market outcomes change over the last business cycle? Using administrative records data from Spanish Social Security and applying correlated competing risks models, the impact of the current recession on unemployment and employment transitions and gender differences in labour market outcomes is studied. The Spanish labour market is characterized by high labour turnover (particularly, to other jobs in the expansion period and to unemployment in the recession), occupational segregation by gender and different returns to the characteristics by gender. During the current recession, both unemployment durations and inflows into unemployment have increased while wages have declined, especially for men (reducing the gender gaps), young and older workers, immigrants and those with low level of qualification. High level of qualification, working in larger firms and high technology sector are associated with lower unemployment and better job quality. As a consequence, the Spanish labour market requires important reforms to attain the objectives of Europe 2020.