Over the last century, unemployment, vacancy, job-finding and job-loss rates as well as the Beveridge curve have no … unemployment, vacancies, job-finding and job-loss rates are constant while the search technology improves over time if and only if …-worker match is acceptable leading to a constant job-finding rate, unemployment, etc... Interestingly, under the same conditions …

We build a directed search model of the labor market in which workers' transitions between unemployment, employment … for 80 percent of unemployment volatility, 30 percent of vacancy volatility and for the nearly perfect negative … correlation between unemployment and vacancies …

of unemployment and vacancies to negative shocks to the aggregate productivity of labor …

expectations equilibria. Equilibria differ with respect to the agents' (rational) expectations about future unemployment. We show … that negative shocks to agents' expectations lead to fluctuations in vacancies, unemployment, labor productivity and the …