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 …

-skilled labor markets, increasing unemployment of native low skilled. Legalization, instead decreases the unemployment rate of low …

The flow opportunity cost of moving from unemployment to employment consists of foregone public benefits and the … business cycle. The estimated cyclicality implies far less unemployment volatility in many leading models of the labor market …

of theory. Amongst the counterfactual implications are very low volatility of tightness, procyclical unemployment, and a …

One of the strongest trends in recent macroeconomic modeling of labor market fluctuations is to treat unemployment … Unemployment," i.e., the extent to which increased unemployment during a recession arises from an increase in the number of … unemployment spells versus an increase in their duration. After broadly reviewing the previous literature, we replicate and extend …