unemployment fluctuations. We use worker-level data from the CPS to measure the sensitivity of wages of newly hired workers to …

economy from the beginning of capitalism to the present. It is shown that unemployment may be created purposely by capitalists …A new model of unemployment based on an idea of Marx is presented and used to interpret the development of the British … unemployment and can explain why wages took almost a century and a half to react to the growing capital to labour ratio that …

unemployment. The standard model can generate sufficiently large cyclical fluctuations in unemployment, or a sufficiently small … response of unemployment to labor market policies, but it cannot do both. Variable search and separation, finite UI benefit …

inflation and unemployment. Under some assumptions, that relation takes a form similar to that found in empirical wage … unemployment rate in the U.S. economy, even under the strong assumption of a constant natural rate of unemployment. …

Existing models of equilibrium unemployment with endogenous labor market participation are complex, generate … procyclical unemployment rates and cannot match unemployment variability relative to GDP. We embed endogenous participation in a … variabilities but also generates strongly countercyclical unemployment rates. With some wage rigidity the model also matches …

We construct and calibrate a general equilibrium business cycle model with unemployment and precautionary saving. We …' income riskier, both by increasing the unconditional probability of unusually long unemployment spells, and by making wages … fiscal policy offsets the cycle, holding unemployment benefits constant but varying the tax rate procyclically to smooth …

We develop a reformulated version of the Smets-Wouters (2007) framework that embeds the theory of unemployment proposed … in Gal (2011a,b). We estimate the resulting model using postwar U.S. data, while treating the unemployment rate as an …" measure of the output gap. In addition, the estimated model can be used to analyze the sources of unemployment fluctuations. …