effects in labor supply, and portfolio choice. Using event studies of unemployment shocks, we document evidence consistent …

States, Canada, Germany, and several other OECD countries during and after the Great Recession of 2008-09. Unemployment rates … increased moderately in Canada. More recent data also show that, unlike Germany and Canada, the U.S. unemployment rate remains …

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 …

-run unemployment. In the short run, however, the union raises current wages above the efficient level, in order to appropriate …-perfect equilibrium, not only is unemployment well above its efficient level, but the union wage also exhibits endogenous real stickiness …