The flow opportunity cost of moving from unemployment to employment consists of foregone public benefits and the … business cycle. The estimated cyclicality implies far less unemployment volatility in many leading models of the labor market …

volatility of unemployment relative to labor productivity, and (ii) a mild correlation between these two variables. We address …

The persistence of U.S. unemployment has risen with each of the last three recessions, raising the specter that future … shocks do not systematically lead to more persistent unemployment than monetary policy shocks, so these cannot explain the … rising persistence of unemployment. Second, monetary and fiscal policies can account for only part of the evolving …

will be supplied. Will the unemployment rate, which has declined at roughly one percent per year, decline even faster from … has profound implications for the Federal Reserve. The unemployment rate has declined rapidly, particularly within the … last year. Faster real GDP growth will accelerate the decline in the unemployment rate and soon reduce it beyond any …

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

outside labor market, including especially unemployment, may be irrelevant. The job-seeker's threat point in the bargain is to … otherwise adopts all of the features of the standard Mortensen-Pissarides model, unemployment is much more sensitive to changes …