real wages and low unemployment result. With an intermediate view, i.e. when partial equilibrium effects within a sector … are taken into account, high real wages and unemployment result. If all general equilibrium effects are considered at once …, low real wages and low unemployment again result. The assumption that unions and employers' federations are not able to …

bottom-line of the paper is that product market reforms will help to reduce aggregate unemployment under many circumstances … even though sectoral unemployment may increase. We also highlight that the mobility of high-skilled workers and the … distribution of unemployment across sectors determine whether productivity improvements in one sector affect aggregate unemployment …

We investigate the role of spatial frictions in search equilibrium unemployment. For that, we develop a model of the … interaction between land and labor markets, and decompose the equilibrium unemployment rate into two parts: a pure non-spatial one …

unemployment results. With an intermediate view, when partial equilibrium effects are taken into account, high real wages and … unemployment results, which may explain the persistence of high unemployment in Europe. If all general equilibrium effects are … incorporated at once, again low real wages and low unemployment results. We thus obtain a hump-shaped relationship between the …

Labor market frictions are not the only possible factor responsible for high unemployment. Credit market imperfections … European and US unemployment differ so much when labor markets have become more similar at the margin in Europe and the US. To …