We revisit the hypothesis that cyclical fluctuations in unemployment are caused by shocks to the discount rate. We use … in the EU rate. The response of the unemployment rate is minuscule. These findings are at odds with the actual behavior … large unemployment fluctuations. We show that aggregate productivity shocks generate the correct comovement between the UE …

We propose a novel theory of self-fulfilling unemployment fluctuations. According to this theory, a firm hiring an …

We study the long-run relation between money, measured by inflation or interest rates, and unemployment. We first … where both money and unemployment are modeled using explicit microfoundations, integrating and extending recent work in … accounts for some but not that much of trend unemployment -- by one measure, about 1/5 of the increase during the stagflation …

Over the last century, unemployment, vacancy, job-finding and job-loss rates as well as the Beveridge curve have no … in which unemployment, vacancies, job-finding and job-loss rates are constant while the search technology improves over … that the quality of a firm-worker match is acceptable leading to a constant job-finding rate, unemployment, etc …

for γ-workers. During the Great Recession, excess unemployment for α-workers rose by little and was reabsorbed quickly …; unemployment for γ-workers rose by 20 percentage points and was not reabsorbed 4 years after its peak. We use a search … unemployment during the Great Recession. Our view is that several puzzling micro and macro phenomena about the labor market are …

transitions of individual workers across states of unemployment, employment and across different employers. The model is also … effects on unemployment. This is so because the lockdown disproportionately disrupts the employment of workers who need years …

also a downward rigid wage for new hires. The downward rigidity in the hiring wage magnifies the response of unemployment …

We build a directed search model of the labor market in which workers' transitions between unemployment, employment … for 80 percent of unemployment volatility, 30 percent of vacancy volatility and for the nearly perfect negative … correlation between unemployment and vacancies …