In this paper, we argue that credit market imperfections impact not only the level of unemployment, but also its … steady-state unemployment, but also slow down the transitional dynamics. We then provide an empirical illustration based on a … persistence of unemployment …

West Germany, we find strong true state dependence in all three states. Moreover, compared to wage employment, non …

Central and Southern Europe? This is the question addressed in this paper. Youth unemployment has approached or exceeded 20 …

mobility, while unemployment increases in the country with labor market rigidities, reducing welfare. We also find that taste …

We analyze the impact of imperfect contract enforcement on the emergence of unemployment. In an experimental labor … observable, but not verifiable to a situation where explicit contracts are feasible. Our main result shows that unemployment is … much higher when third-party contract enforcement is absent. Unemployment is involuntary, being caused by firms' employment …

This article examines unemployment disparities and efficiency in a densely populated economy with two job centers and … unemployed. Their decisions over job-search are thus typically not optimal and hence the equilibrium unemployment rates are … changes in the workforce distribution have non-negligible effects on unemployment rates, wages and net output …

This paper develops a life-cycle approach to equilibrium unemployment. Workers only differ respectively to their …

This paper analyses the relation between US inflation and unemployment from the perspective of quot;frictional growth … policy has not only persistent, but permanent real effects, giving rise to a long-run inflation-unemployment tradeoff. We … the US unemployment and inflation trajectories during the nineties …

RBC models with search unemployment and wage renegotiation generate too much wage volatility and too stable … unemployment rate. Shimer (2004) shows that it is possible to reproduce a volatility of unemployment similar to that observed in … unemployment …