Okun's law is formulated as the ratio between GDP and unemployment (UE): β = f(GDP/UE). It is used to investigate the …

In this paper, we investigate whether business cycles can imply sizable effects on average unemployment. First, using a … on unemployment: positive shocks reduce unemployment less than negative shocks increase it. For the observed process of … average job finding rate and so the business cycle cost. -- Business cycle costs ; unemployment dynamics …

fluctuations of vacancies and unemployment in our model can replicate those observed in the US data, with labour market tightness … for the new hires and the calibration is consistent with the estimated elasticity of unemployment to unemployment benefits …

, this allows the model to generate fluctuations of unemployment, vacancies, and labor productivity whose magnitudes are …