This paper examines the welfare costs of inflation in the presence of financial market frictions. The results suggest … that financing constraints on firms' working capital expenditures significantly increase the welfare costs relative to the … of the welfare losses. Both of these effects are magnified when households must also finance their gross investment in …

aggregate demand shock because it raises unemployment and lowers inflation. We present empirical evidence--based on a vector …

The Beveridge curve depicts the empirical relationship between job vacancies and unemployment, which in turn reflects … paper combines aggregate and regional data on job vacancies and unemployment to estimate the U.S. aggregate and regional …

The negative relationship between the unemployment rate and the job openings rate, known as the Beveridge curve, has … been relatively stable in the U.S. over the last decade. Since the summer of 2009, however, the U.S. unemployment rate has …

The U.S. economy is recovering from the financial crisis and ensuing deep recession, but the unemployment rate has … remained stubbornly high. Some have argued that the persistent elevation of unemployment relative to historical norms reflects … rate of unemployment, implying that conventional monetary and fiscal policy should not be used in an attempt to return …

the participation margin account for around one-third of the cyclical variation in the unemployment rate. This result is …