bureaucratization affects both the intertemporal distribution of profits in a given sector and the distribution of output across sectors …. In a general equilibrium model, bureaucratization has two effects: a profitability effect on the return of innovation and …

To generate big responses of unemployment to productivity changes, researchers have reconfigured matching models in … introducing costly acquisition of credit, or by positing government mandated unemployment compensation and layoff costs. All of … these redesigned matching models increase responses of unemployment to movements in productivity by diminishing the …

overly long unemployment durations. We examine the influence of previous wages on unemployment durations for workers after …

frictions and unemployment insurance, when the latter is only imperfectly related to search effort. A balanced social insurance … volatility and persistence of vacancies and unemployment. …

market performance. We find that developments in wage setting institutions and in unemployment insurance inhibited a return …

This paper develops a rational expectations model with multiple equilibrium unemployment rates where the price of … a permanent reduction in wealth and consumption and a permanent increase in the unemployment rate. My work suggests that …

This paper develops a theory characterizing the effects of fiscal policy on unemployment over the business cycle. The … theory is based on a model of equilibrium unemployment in which jobs are rationed in recessions. Fiscal policy in the form of … government spending on public-sector jobs reduces unemployment, especially during recessions: the fiscal multiplier …

and the unemployment rate in U.S. data since 1929. Second, it compares a new model of the economy developed in recent …