evidence of large heterogeneities among demographic groups. Interestingly, unemployment rates in levels across demographic … groups are not necessarily aligned with the sensitivity of these demographic groups’ (un)employment and participation rates …

Wages are only mildly cyclical, implying that shocks to labour demand have a larger short-run impact on unemployment …

externalities and equilibrium unemployment. Our model incorporates endogenous labor force participation and two margins of … consumption and output; a marginal increase in the unemployment and labor force participation rates; and an expansion in the … accompanied by gradual gains in output and consumption and a negligible expansion in unemployment. Critically, abstracting from …

, greater average firm productivity, a larger formal employment share, and a marginally lower unemployment rate. …

are collective dismissal, fixed term contracts, contract labour, trade unions and unemployment insurance. Although the …