States, Canada, Germany, and several other OECD countries during and after the Great Recession of 2008-09. Unemployment rates … increased moderately in Canada. More recent data also show that, unlike Germany and Canada, the U.S. unemployment rate remains …

European unemployment has been steadily increasing for the last 15 years and isexpected to remain very high for many … years to come. In this paper, we argue thatthis fact implies that shocks have much more persistent effects on unemployment … and firms, shocks which affect actual unemployment tend also to affectequilibrium unemployment. We then confront the …