Michaillat, Pascal; Saez, Emmanuel - In: Journal of public economics plus 2 (2021), pp. 1-17
post more vacancies and to devote more resources to recruiting. This unemployment-vacancy tradeoff, governed by the …This paper develops a sufficient-statistic formula for the unemployment gap-the difference between the actual … unemployment rate and the efficient unemployment rate. While lowering unemployment puts more people into work, it forces firms to …