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groups. If the rate of job destruction is sufficiently low, the unemployment rates can get close to steady-state values … during the transition. Within the realm of feasible scenarios unemployment differentials are basically determined by the … unemployment benefits and provision of direct support to the employers of low-productivity workers. -- Unemployment Models …
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The economics profession appears to have been unaware of the long build-up to the current worldwide financial crisis and to have significantly underestimated its dimensions once it started to unfold. In our view, this lack of understanding is due to a misallocation of research efforts in...
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