in the vacancy-unemployment ratio without ad hoc assumptions of wage rigidity. This paper presents a mechanism of such … economy, and the vacancy-unemployment ratio experiences large cyclical fluctuations. …

This paper argues that existing matching models with unemployment as an active search and nonparticipation as an … inactive search predict counterfactual results: the unemployment rate is at most two times as volatile as the … employmentpopulation ratio; only 20 percent of the actual volatility of the unemployment rate is accounted for; and the labor market …

This study provides evidence of the relationship between credit and real activity in Central America and the Dominican … Republic. We address the empirics of the link between credit and real activity for the case of a group of developing countries … with limited financial markets where bank credit is the main source of external finance for the private sector. We compile …

components of unemployment and output as part of a system of correlations between the permanent and transitory components of both … the permanent and transitory components of unemployment and output within each series and across series. We find that the …

unemployment rate and the vacancy rate increase sharply, but those of output and total hours worked do not appreciably change. …

wage rate in response to shocks. As contract length increases, the volatilities of the unemployment rate and vacancy rate …

differences: (1) transition rates from unemployment to employment (UE) were lower by a factor of 5 and inflow rates from … employment to unemployment (EU) were lower by a factor of 4 in Germany. (2) The volatility of the UE rate was equal but the EU … rate was 2.3 times more volatile in Germany. (3) In Germany EU flows contributed 60 − 70% to the unemployment volatility …