This study addresses the different distributional and welfare implications of price volatility amid the ongoing cost-of-living crisis, focusing on both Turkey and the South Caucasus region, which have different welfare regimes and patterns of price changes. This paper explores the impact of...

The distribution of unemployment duration in our equilibrium matching model with spell-dependent unemployment benefits displays a time-varying exit rate. Building on Semi-Markov processes, we translate these exit rates into an expression for the aggregate unemployment rate. Structural estimation...