A search and matching model, when calibrated to the mean and volatility of unemployment in the postwar sample, can … potentially explain the unemployment crisis in the Great Depression. The limited responses of wages from credible bargaining to … labor market conditions, along with the congestion externality from matching frictions, cause the unemployment rate to rise …

properties of employment and unemployment equilibrium. Second, it applies the model to the study of employment fluctuations and … to the explanation of differences in unemployment rates in industrialized countries. The search and matching model is … unemployment and of jobs out of the market (the ‘job destruction’ flow). Steady-state equilibrium is at the point where the two …

In modern economies, sharp increases in unemployment from major adverse shocks result in long periods of abnormal … unemployment and low output. This chapter investigates the processes that account for these persistent slumps. The data are from …

We show that the largest increase in unemployment benefits in U.S. history had large spending impacts and small job …

This paper is aimed at investigating the effects of government intervention through unemployment benefits on …

low unemployment. But how did it fare during the recession, especially in Denmark, which has been highlighted as having a … employment in a recession. Did the high rate of job turnover continue or did long-term unemployment rise? And did the social …

Licensed workers could be shielded from unemployment during recession since occupational licensing laws are asymmetric …-in-differences event study research design that exploits cross-state variation in licensing laws to compare the unemployment rate between …, we find that licensing shields workers from a recession-induced increase in the unemployment rate of 0.82 p.p. during …

control for low-frequency movements in inflation, unemployment, and growth that are pervasive in the post-WWII period. We show … that cyclical fluctuations of inflation are related to cyclical movements in real activity and unemployment, in line with …