This paper explores the mean-reverting behavior of the unemployment rate using monthly geographically disaggregated … regimes at unknown points of time. We find that the Great Recession also altered the persistence of the unemployment rate …

unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …

unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …

We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine …-Mortensen-Pissarides model, with its focus on labor market frictions and unemployment. In developing this model, we proceed in two steps. We … effect on unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage …