movements in GDP, unemployment, vacancies, and wages in the period from 2007 until 2011. We show that contractionary financial … important in the U.K. and Sweden than in the U.S., but matching efficiency improved in Germany, helping to keep unemployment low …. A counterfactual experiment suggests that unemployment in Germany would have been substantially higher if the German …

recovered but unemployment lingered). This paper presents a model that captures these three facts. The key elements of the model …

The persistence of U.S. unemployment has risen with each of the last three recessions, raising the specter that future … shocks do not systematically lead to more persistent unemployment than monetary policy shocks, so these cannot explain the … rising persistence of unemployment. Second, monetary and fiscal policies can account for only part of the evolving …

will be supplied. Will the unemployment rate, which has declined at roughly one percent per year, decline even faster from … has profound implications for the Federal Reserve. The unemployment rate has declined rapidly, particularly within the … last year. Faster real GDP growth will accelerate the decline in the unemployment rate and soon reduce it beyond any …