a burst of layoffs. Unemployment rises because jobs are hard to find, not because an unusual number of people are thrown … into unemployment …

explaining the persistent high unemployment that prevailed in interwar Britain. It develops a new measure of sectoral shifts that … aggregate unemployment during the interwar period, even after controlling for a variety of shocks to aggregate demand, and for … roughly one-half of the variation in unemployment, suggesting an important role for sectoral shifts …

This paper studies how the thick market effect influences local unemployment rate fluctuations. The paper presents a … fluctuations in the local unemployment rates. Since larger cities attain the critical market size more frequently, they have … shorter unemployment cycles, lower peak unemployment rates, and lower mean unemployment rates. Our empirical tests are …

A search-theoretic general equilibrium model of frictional unemployment is shown to be consistent with some of the key … regularities of unemployment over the business cycle. In the model the return to a job moves stochastically. Agents can choose … unemployment …

This paper shows how one can interpret the joint movements of wages, unemployment and vacancies in the Phillips and … Beveridge spaces to learn about the origins of the movements in unemployment. The view of the labor market underlying the … movements in unemployment in the US, in the UK and in Germany over the last twenty years …

productive jobs. Together these forces imply that in equilibrium the natural rate of unemployment is too high …

We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (2011a …,b). We estimate the resulting model using postwar U.S. data, while treating the unemployment rate as an additional observable … output gap. In addition, the estimated model can be used to analyze the sources of unemployment fluctuations …

monetary model in which: i) the unemployed are worse o§ than the employed, i.e. unemployment is involuntary and ii) the labor … technology shocks. In addition, the model does well at accounting for the response of the labor force and unemployment rate to …

Fluctuations in the equilibrium rate of unemployment can only be understood within a theory of the natural or … in exchange for immediate employment. The task of the theory is to explain why any unemployment remains at all when these … conditions are satisfied. Part of this problem has been studied in detail in the "search theory" of unemployment -- once a worker …

than does consumption. At the same time, the model is consistent with a lack of secular movements in hours and unemployment …