links both the cyclical fluctuations and the mean level of unemployment to the aggregate business cycle risk. The key result … of the paper is that business cycles are costly for all consumers, regardless of their wealth, yet that unemployment … fluctuations themselves are not the source of these costs. Rather fluctuations over the cycle induce higher average unemployment …

employment is the efficient unemployment rate, u*. We define u* as the unemployment rate that minimizes the nonproductive use of …). Accordingly, the efficient unemployment rate is the geometric average of the unemployment and vacancy rates: u* = √uv. We compute …

for only a small portion of the fluctuations in unemployment and vacancies (Shimer (2005a)). In this paper, the author … vintages of entrants are able to account for fluctuations in unemployment and vacancies and that, in this environment, specific …

cycle dynamics of separation and job finding rates and to quantify their contributions to overall unemployment variability …. Cyclical changes in the separation rate lead those of unemployment, while the job finding rate and unemployment move … contemporaneously. Fluctuations in the separation rate explain between 40 and 50 percent of fluctuations in unemployment, depending on …

Licensed workers could be shielded from unemployment during recession since occupational licensing laws are asymmetric …-in-differences event study research design that exploits cross-state variation in licensing laws to compare the unemployment rate between …, we find that licensing shields workers from a recession-induced increase in the unemployment rate of 0.82 p.p. during …

We propose that the natural rate of unemployment has an active role in the business cycle, in contrast to the … Phillips-curve framework of low---often extremely low---response of inflation to unemployment could be the result of fairly … most Phillips-curve studies, that conclude that inflation has little relation to unemployment. We suggest that the flat …

variables while it is uncorrelated with life satisfaction. The unemployment rate and the CPI reduce both. We analyze data for 29 … European countries to predict changes in the unemployment rate 12 months ahead using individuals' fears of unemployment in the … presence of country and year fixed effects and lagged unemployment. We also use firms' expectations of future employment, which …

implied by new unemployment claims: we estimate 20 million lost jobs by April 6th, far more than jobs lost over the entire … rise in the unemployment rate over the corresponding period to be surprisingly small, only about 2 percentage points. Third …