unemployment, very low volatility of labour market tightness, and for a positively sloped Beveridge curve. These implications are …

which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model …

This paper develops a theory characterizing the effects of fiscal policy on unemployment over the business cycle. The … theory is based on a model of equilibrium unemployment in which jobs are rationed in recessions. Fiscal policy in the form of … government spending on public-sector jobs reduces unemployment, especially during recessions: the fiscal multiplier …

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. …

unemployment, then free migration reduces unemployment, narrows wage differentials and expands world output. …

description of the U.S. business cycle, and that the inflation/unemployment trade-off facing monetary policymakers is … staggered nominal wage bargaining. We find that the estimated natural rate of unemployment is consistent with the NBER … unemployment gaps are more efficient than rules responding to output or unemployment growth rates, also in the presence of …