-cycle-frequency fluctuations in unemployment and job vacancies, given shocks of a plausible magnitude. We use data on the cost of vacancy creation …

, this allows the model to generate fluctuations of unemployment, vacancies, and labor productivity whose magnitudes are …

paper, we present a model with equilibrium unemployment which has three distinctive properties. First, using a search and …, which allows the model to reproduce the fluctuations of unemployment over the business cycle. And third, the model implies a … reasonable elasticity of steady state unemployment with respect to changes in benefits. The calibration of the model implies low …

This paper analyses how labour market heterogeneity affects unemployment, productivity and business cycle dynamics that … skilled workers increases the natural rate of unemployment and reduces total factor productivity with long- run effects on the … of employment, wages and consumption inequality. Finally, the model provides important insights for the Phillips and …

with a SVAR model by inspecting how unemployment responds to the state of the economy. We show that deviations from Okun …