stock and flow data to understand key developments. We find dramatic changes in employment, unemployment and labour market …

"recall") unemployment, those "employed but absent from work" for unspecified reasons, or not in the labour force while …

German unemployment insurance system and resulted in a significant reduction in unemployment benefits for the long …-term unemployed. In this paper, we use an incomplete-market model with search unemployment to evaluate the macro-economic and welfare …-run (noncyclical)unemployment rate in Germany by 1.4 percentage points. We also find that the welfare of employed households increases …