In recessions, unemployment increases despite the—perhaps counterintuitive—fact that the number of unemployed workers … finding jobs expands. On net, unemployment rises only because even more workers lose their jobs. We propose a theory of … unemployment fluctuations resting on this countercyclicality of gross flows from unemployment into employment. In recessions, the …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … expectations, there is a long-run inflation-unemployment tradeoff. Our empirical analysis suggests that this Phillips curve may be … reasonably flat. We show that the persistence of inflation and unemployment, in response to monetary policy shocks, is related to …

construct a monetary model in which: i) the unemployed are worse off than the employed, i.e. unemployment is involuntary and ii … of the labor force and unemployment rate to these three shocks. …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth," describing the … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no … permanent nominal rigidities, and no departure from rational expectations, there is a long-run inflation-unemployment tradeoff. …

frictions and unemployment insurance, when the latter is only imperfectly related to search effort. A balanced social insurance … volatility and persistence of vacancies and unemployment. …

Nash-bargained wages rather than actual wages, then the cyclical volatility of unemployment would decrease to less than one …