The recession of 2007-09 witnessed high rates of unemployment that have been slow to recede. This has led many to … unemployment that prevailed in the recent past. Is this true? The question is important because central banks may be able to reduce … unemployment that is cyclic in nature, but not that which is structural. An analysis of labor market data suggests that there are …

In the 1970s, European unemployment started increasing. It increased further in the 1980s, to reach a plateau in the … 1990s. It is still high today, although the average unemployment rate hides a high degree of heterogeneity across countries …. The focus of researchers and policy makers was initially on the role of shocks. As unemployment remained high, the focus …

We provide a set of comparable estimates for the rates of inflow to and outflow from unemployment for fourteen OECD … economies using publicly available data. We then devise a method to decompose changes in unemployment into contributions … accounted for by changes in inflow and outflow rates for cases where unemployment deviates from its flow steady state, as it …

Standard search and matching models of equilibrium unemployment, once properly calibrated, can generate only a small …

separations, matching, and unemployment over the business cycle. Separating from employment when unemployment duration is long is … unemployment and unemployment durations. We examine wage cyclicality and employment separations over the past twenty years for …

This paper extends Lucas and Prescott's (1974) search model to develop a notion of rest unemployment. The economy … unemployment (moving to a new labor market or waiting for labor market conditions to improve) and inactivity (enjoying leisure … evaluate the model. Quantitatively, we find that in the U.S. economy many more people may be in rest unemployment than in …

probability that an unemployed worker finds a job, the ins and outs of unemployment. Since 1948, the job finding probability has … accounted for three-quarters of the fluctuations in the unemployment rate in the United States and the employment exit …