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"This paper examines the causes of the observed increase in the average duration of unemployment over the past thirty … institutional changes can only partially account for the longer duration of unemployment. We construct a job search model and … calibrate it to U.S. data. The results indicate that more than 70 percent of the increase in the duration of unemployment over …
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The U.S. business cycle expansion that started in March 1991 is the longest on record. This paper uses statistical techniques to examine whether this expansion is a onetime unique event or whether its length is a result of a change in the stability of the U.S. economy. Bayesian methods are used...
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