We study the role of uncertainty shocks in explaining unemployment dynamics, separating out the role of aggregate and … measure aggregate and sectoral uncertainty and compare their effects on the unemployment rate in a standard macroeconomic … vector autoregressive (VAR) model. We find that aggregate uncertainty leads to an immediate increase in unemployment, with …

similar to that of the US both in terms of the shape and magnitude of the response. However, unemployment in the UK is less …

Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been …

of interstate migration to relative labor market conditions has decreased, while the role of the unemployment rate as …

This paper asks how well Okun’s Law fits short-run unemployment movements in the United States since 1948 and in … the unemployment rate—varies substantially across countries. This variation is partly explained by idiosyncratic …

-market slack is captured by the level of shortterm unemployment. This equation explains inflation behavior since 2000, including … the failure of high total unemployment since 2008 to reduce inflation greatly. The fit of our equation is especially good … general Phillips curve in which core inflation depends on short-term unemployment and on expected inflation as measured by the …