States, Canada, Germany, and several other OECD countries during and after the Great Recession of 2008-09. Unemployment rates … did not change substantially in Germany, increased and remained at relatively high levels in the United States, and … increased moderately in Canada. More recent data also show that, unlike Germany and Canada, the U.S. unemployment rate remains …

replicating the observed levels of volatility of unemployment and other key variables. I take variations in productivity growth … market are essential for understanding the volatility of unemployment. These models include simple equilibrium wage … of the three models match the observed volatility of unemployment …