allowing on-the-job search. We obtain that the elasticity of unemployment with respect to growth shrinks from 1.63 to 0 … search process than the unemployed. Thus, we show that, rather than contributing to unemployment, creative destruction …

on the model's failure to match the observed cyclical volatility of unemployment. Job creation in the model is influenced … elasticities are consistent with the evidence. Therefore explanations of the unemployment volatility puzzle have to preserve the … cyclical volatility of wages. I discuss some extensions of the model that can increase cyclical unemployment volatility through …

This paper illustrates why fiscal policy becomes more effective as unemployment rises in recessions. The theory is … based on the equilibrium unemployment model of Michaillat (forthcoming), in which jobs are rationed in recessions. Fiscal …; therefore fiscal policy reduces unemployment effectively. Formally the fiscal multiplier—the reduction in unemployment rate …

This paper reviews a new framework for analyzing the interrelationship between inequality, unemployment, labor market …. It implies that the opening of trade may raise inequality and unemployment, but always raises welfare. Unilateral … reductions in labor market frictions increase a country's welfare, can raise or reduce its unemployment rate, yet always hurt the …

Average unemployment in Europe today is relatively high compared with OECD countries outside Europe. The majority of … countries in Europe today have lower unemployment than any OECD country outside Europe, including the US. These two fa cts are …), have very high unemployment and most of the rest have comparatively low unemployment. This variability is highly …

creation in the private sector and unemployment. We also show that long-term unemployment depends on current and past values of … short-term unemployment and that this path-dependence fades away as soon as we reach time t-3. We interpret this result as …

. The Beveridge curve depicts the steady state of the model, whereby inflows into unemployment are equal to the outflows …

-dimensional process. Age ten conduct disorder predicts male adult unemployment particularly well but it is self-esteem that predicts male …

becoming unemployed, the costs of unemployment in terms of real wages losses and the probability that the continuously employed …