unemployment, Keynes emphasis on relative wages has not been reflected in most contemporary discussions. This short paper suggests … available apparatus for understanding actual unemployment and its fluctuations. Such theories are very closely related to the …

model. Their PC was vertical in the long run at the natural unemployment rate, and their short-run curve shifted up whenever … unemployment was pushed below the natural rate. This paper criticizes the underlying assumption of the Friedman-Phelps approach … that the labor market continuously clears and that changes in unemployment down or up occur only in response to "fooling …

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 …

A number of authors have recently emphasized that the conventional model of unemployment dynamics due to Mortensen and …

Shimer (2005a) argues that the Mortensen-Pissarides equilibrium search model of unemployment explains only about 10% of …

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

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

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 …