unemployment and wages in aggregate analysis. We do find, however, evidence of distributional effects when accounting for human …

This paper studies the unemployment accelerator, a mechanism where workers directly affect the firms' financial … conditions, and, in turn, firms' financial conditions feedback again to the real economy. The unemployment accelerator builds on … in labor and financial markets. We provide compelling micro-evidence of the unemployment accelerator: a 10% increase in a …

part-time workers. A one percentage point increase in the unemployment rate led to an average decline in real hourly wages … of new hires are not helpful for understanding the behaviour of unemployment over the business cycle …