joint unemployment and vacancy dynamics. We show conditions for constrained efficiency and discuss important implications of …

joint unemployment and vacancy dynamics. We show conditions for constrained efficiency and discuss important implications of …

joint unemployment and vacancy dynamics. We show conditions for constrained efficiency and discuss important implications of …

unemployment is very close to zero when unemployment is above its long term average but large and highly significant when below. We … unemployment. It cannot however match the persistence of the German unemployment rate. We conjecture that extending the model to …

workers’ outside options. We document the negative selection into self-employment when workers enter from unemployment, and … contract out of unemployment. These facts call for a revision of active labor market policies in place …

the financial market, we address two prominent mechanism through which firms' financial constraints amplify unemployment … substantial decline in both unemployment and wages. Financial constraints therefore weaken the direct link between wage rigidity … and unemployment volatility. …

We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output … are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles …, that is, expansions in credit that are backed not by expectations of future profits (i.e. fundamental collateral), but …

We study a dynamic economy where credit is limited by insufficient collateral and, as a result, investment and output … are too low. In this environment, changes in investor sentiment or market expectations can give rise to credit bubbles …, that is, expansions in credit that are backed not by expectations of future profits (i.e. fundamental collateral), but …