response to demand and productivity shifts. Unemployment is sustained because the marginal value of labor is not equated across … transactions cost-mobility constraints. Contracts provide full unemployment insurance for risks that are diversifiable by pooling … atheory of consumption rigidity rather than wage rigidity. Another empirical implication is that unemployment incidence is …

Recent critiques have demonstrated that existing attempts to account for the unemployment volatility puzzle of search … reproduces the observed fluctuations in unemployment because hiring a worker is a risky investment with long-duration surplus … benefit from creating new matches greatly drops, leading to a large decline in job vacancies and an increase in unemployment …

Unemployment recoveries in the US have been inexorable. It is a remarkable fact that, prior to 2020, after unemployment … reached its peak in a recession, and a recovery began, the annual reduction in the unemployment rate was stable at around 0 … crisis intervenes, unemployment continues to glide down to its minimum level of approximately 3.5 percentage points. The …

few robust empirical relationships between balance sheet measures and spending, but we do find that unemployment … an explicit role for unemployment and for household debt. We find that the model is capable of explaining several …

unemployment …

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 …

unemployment. The novel feature is that the scope for sunspot-driven volatility depends on the level of household wealth. When … wealth is high, consumer demand is largely insensitive to unemployment expectations and the economy is robust to confidence … crises. When wealth is low, a stronger precautionary motive makes demand more sensitive to unemployment expectations, and the …

The flow opportunity cost of moving from unemployment to employment consists of foregone public benefits and the … is procyclical and volatile over the business cycle. The estimated cyclicality implies far less unemployment volatility …

facts observed in the data. First, the land price and the unemployment rate tend to move in opposite directions over the … business cycle. Second, a shock that moves the land price is capable of generating large volatility in unemployment. Our … estimation indicates that a 10 percent drop in the land price leads to a 0.34 percentage point increase of the unemployment rate …