frictions and unemployment insurance, when the latter is only imperfectly related to search effort. A balanced social insurance … volatility and persistence of vacancies and unemployment. …

paper were to be implemented, the average unemployment rate in the United States would fall from 5.7 to 4.7 percent. Also … and realistic responses of unemployment to changes in UI benefits. (Copyright: Elsevier) …

dynamics of unemployment, vacancies and wages? I find that it can. The model generates sufficient volatility in unemployment … negative correlation between unemployment and vacancies). More substantially, the model matches the volatility of the average … wage and generates a response of new hires’ wages to productivity and unemployment consistent with key estimates in the …

of unemployment and vacancies to negative shocks to the aggregate productivity of labor. …

A search-theoretic general equilibrium model of frictional unemployment is shown to be consistent with some of the key … regularities of unemployment over the business cycle. In the model the return to a job moves stochastically. Agents can choose … unemployment. …

We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output … are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles …, that is, expansions in credit that are backed not by expectations of future profits (i.e. fundamental collateral), but …

, the now infamous credit to GDP chart. We compare the conclusions reached in the literature after the crisis with the … results that could have been drawn from an ex ante analysis. We show that, even though credit affects the business cycle in …

rates, output, asset prices and credit in the US. We find close linkages amongst cyclical fluctuations in the variables. …