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 …

We apply well-known results of the econometric learning literature to a standard RBC model with unemployment. The …) with least squares learning is however slow. The cyclical response of unemployment to structural shocks is muted under …

years, accompanied by a steep rise in unemployment, which would be around 11.5% in 2010 in the euro area. However, labour … soften the impact of much higher unemployment levels on Europe's potential rate of growth in the future. …

We build an analytically and computationally tractable stochastic equilibrium model of unemployment in heterogeneous … countercyclical unemployment, and is simultaneously consistent with procyclical reallocation, countercyclical separations and a … negatively-sloped Beveridge curve. Moreover, the model exhibits unemployment duration dependence, which (when calibrated to long …

This paper examines the prospects for Australia meeting the Governments target to bring unemployment down to 5 per cent … by the year 2000. Particular attention is paid to the effect of the business cycle on unemployment. …

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

of vacancies, unemployment and wages. …

The dynamic general equilibrium model with hiring costs presented in this paper delivers involuntary unemployment in …