employment is the efficient unemployment rate, u*. We define u* as the unemployment rate that minimizes the nonproductive use of …). Accordingly, the efficient unemployment rate is the geometric average of the unemployment and vacancy rates: u* = √uv. We compute …

variables while it is uncorrelated with life satisfaction. The unemployment rate and the CPI reduce both. We analyze data for 29 … European countries to predict changes in the unemployment rate 12 months ahead using individuals' fears of unemployment in the … presence of country and year fixed effects and lagged unemployment. We also use firms' expectations of future employment, which …

We propose that the natural rate of unemployment has an active role in the business cycle, in contrast to the … Phillips-curve framework of low---often extremely low---response of inflation to unemployment could be the result of fairly … most Phillips-curve studies, that conclude that inflation has little relation to unemployment. We suggest that the flat …

Licensed workers could be shielded from unemployment during recession since occupational licensing laws are asymmetric …-in-differences event study research design that exploits cross-state variation in licensing laws to compare the unemployment rate between …, we find that licensing shields workers from a recession-induced increase in the unemployment rate of 0.82 p.p. during …

Unemployment insurance has the standard effect of reducing employment, but also helps workers to get a suitable job. The … unemployment, productivity growth and wage inequality. To show this, we construct two fictitious economies with calibrated … parameters which only differ by the degree of unemployment insurance and assume that they are hit by a common technological shock …

. In the context of such a model, we introduce a measure of unemployment and analyze its equilibrium behavior. We show that … unemployment rate, in a way qualitatively consistent with the evidence. The model stresses the role of countercyclical markups in … the goods market as a key mechanism underlying the countercyclical behavior of unemployment …

similarity of the pattern of segmentation across 66 different countries. The paper goes on to consider how unemployment might be … understood in a labor market segmentation framework. Existing models of unemployment in a dual labor market suggest that … unemployment should be concentrated among those who are ultimately employed in high wage jobs. In fact, unemployment seems to be …

Fluctuations in the equilibrium rate of unemployment can only be understood within a theory of the natural or … equilibrium rate. It is not enough to say that unemployment is the difference between supply and demand in the labor market … themselves better off. At the equilibrium unemployment rate, employers cannot obtain labor at lower cost by offering work at …

Recent critiques have demonstrated that existing attempts to account for the unemployment volatility puzzle of search … reproduces the observed fluctuations in unemployment because hiring a worker is a risky investment with long-duration surplus … benefit from creating new matches greatly drops, leading to a large decline in job vacancies and an increase in unemployment …