We estimate Okun's law, the negative relationship between output and the unemployment rate, at the sector level for the … coefficients are proportional to the aggregate in all four countries. We also show that the standard deviation of unemployment is …

This paper introduces finance or credit in the Dixit-Stiglitz-Krugman (DSK) model of international trade. It identifies … mechanisms by which finance can affect the main results of the conventional model. The key results are as follows. Perfect credit … income distribution. With a minimum wage and unemployment availability of credit affects number of varieties. With imperfect …

This paper draws on household survey data from countries of all income levels to measure how average unemployment rates … vary with income per capita. We document that unemployment is increasing with GDP per capita. Furthermore, we show that … this fact is accounted for almost entirely by low-educated workers, whose unemployment rates are strongly increasing in GDP …

This paper provides new estimates of Okun’s unemployment-output relationship in euro area countries between 1979 and … characterise the literature and that the responsiveness of output to unemployment is driven by idiosyncratic factors in both euro …

downward rigidity, and magnifying the response of unemployment to negative shocks. We also consider layoffs and show that for a …

density function with higher density and thereby generate large, asymmetric job-finding rate and unemployment reactions. Our …