In recessions, unemployment increases despite the--perhaps counterintuitive--fact that the number of unemployed workers … finding jobs expands. We propose a theory of unemployment fluctuations resting on this countercyclicality of gross flows from … unemployment into employment. In recessions, the abundance of new hires "congests" the jobs the unemployed fill--diminishing their …

This paper studies the role of unemployment in sterling's interwar experience. According to most narrative accounts …, the proximate cause of the 1931 sterling crisis was a high and rising unemployment rate that placed pressure on British … currency crises, highlights the conflict between the objective of low unemployment and defense of the currency and show that it …

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 …

stabilization, recessions should always be softened. In the long run, institutions, such as those governing capital-labor relations … unemployment …

Following Phillip's original work on the UK, applied research on unemployment and wages has been dominated by the … rate of unemployment. This 'wage curve' is found to have an elasticity of approximately -0.1. Contrary to the Phillips …

Unemployment Insurance system to measure the effects of imperfect experience-rating on temporary layoffs and other types of … unemployment. We find a strong negative association between the degree of experience-rating and the rate of temporary layoff … unemployment, with the largest effect in recessionary years and the smallest effect in expansionary years. Increases in the degree …

explaining the persistent high unemployment that prevailed in interwar Britain. It develops a new measure of sectoral shifts that … aggregate unemployment during the interwar period, even after controlling for a variety of shocks to aggregate demand, and for … roughly one-half of the variation in unemployment, suggesting an important role for sectoral shifts …

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 …

1) Fear of unemployment substantially depresses pay in both countries …3) The unemployment elasticity of pay averages -0.1 in the UK and apparently zero in the US …