consumption across states and times. Compared to the first best, there will be too little search. Optimal unemployment programs … welfare and may even increase GDP. Our analytical results suggest that welfare is higher if the unemployment benefits program … includes income-contingent unemployment loans (ICL), where the amount repaid depends on the individual's future income. Such …

and perfectly flexible prices and wages, give rise to cyclical variations in unemployment whose character closely …

where efficiency wages lead to equilibrium unemployment, we show that if the elasticity of substitution is less than unity …, there will be a bias towards excessive labor augmenting innovation, resulting in too high unemployment, with convergence to … skilled and unskilled labor is less than unity, and there is efficiency wage unemployment for unskilled labor only, there is …

, that frictions (sand-in-the-wheels) may decrease unemployment and that the equilibrium is determined by two simple …

inefficiencies and unemployment. In phase transitions, the economy endogenously changes from a state with a unique momentary …

by the availability of internal finance proxied by net worth. The output of simulations shows that at the macroeconomic …