I investigate why workers' probability of leaving unemployment has fallen since 1900 by estimating the impact of a … long-term, but not of short-term unemployment. Estimated hazards suggest that, consistent with a job search model, pensions … affected the probability of both entering and exiting unemployment. But, pensions mainly lowered the probability of leaving …

Microeconomic evidence reveals that the incidence and duration of unemployment in the 1930s varied significantly within … the labor force. Long-term unemployment, which was especially high by historical standards, may have been exacerbated by …