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

We build an analytically and computationally tractable stochastic equilibrium model of unemployment in heterogeneous … countercyclical unemployment, and is simultaneously consistent with procyclical reallocation, countercyclical separations and a … negatively-sloped Beveridge curve. Moreover, the model exhibits unemployment duration dependence, which (when calibrated to long …

interact and affect the evolution of unemployment rates and participation rates, the two main indicators of labour market … performance. Our analysis has two special features. First, apart from the two labour market states – employment and unemployment … that a shock to the net flow from unemployment to employment drive the unemployment rate and the participation rate in …

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 …

It has been noted that the search and matching model cannot account for the observed unemployment fluctuations. Gertler …

counteract a steep increase in unemployment. We show that short-time work can actually save jobs. However, there is an important …

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 …