and increased the dispersion and level of unemployment during the Great Recession. We construct an equilibrium model of … prices reduces migration and causes unemployment to rise differently in different locations. The model accounts for 90 … percent of the increase in geographical dispersion of unemployment and the entire decline in net migration. However, despite …

of 2009, including the unemployment, inflow, and outflow rates by workers of different educational attainment. We … the short term, but can cause a higher equilibrium unemployment rate in the long term. Employment subsidies succeed in … lowering the unemployment rate permanently, but the policy entails high fiscal costs. …