dynamics as news identified through a broader stock price index, patent applications, the relative price of investment or …

business cycle. Second, a shock that moves the land price is capable of generating large volatility in unemployment. Our … estimation indicates that a 10 percent drop in the land price leads to a 0.34 percentage point increase in the unemployment rate … facts observed in the data. First, the land price and the unemployment rate tend to move in opposite directions over the …