I interpret the empirical evidence on government spending multipliers using an equilibrium model of unemployment in … consumption cost of unemployment …

for only a small portion of the fluctuations in unemployment and vacancies (Shimer (2005a)). In this paper, the author … vintages of entrants are able to account for fluctuations in unemployment and vacancies and that, in this environment, specific …

Shimer (2005a) argues that the Mortensen-Pissarides equilibrium search model of unemployment explains only about 10% of …

unemployment, this paper theoretically investigates the importance of labor market duality on labor market volatilities. The new … insight is that duality leads to a non-linear reaction of unemployment volatility for both supply and demand shocks. A … subsequent empirical panel data analysis confirms the model predictions. Uncovering the non-linearity in unemployment volatility …

properties of employment and unemployment equilibrium. Second, it applies the model to the study of employment fluctuations and … to the explanation of differences in unemployment rates in industrialized countries. The search and matching model is … unemployment and of jobs out of the market (the ‘job destruction’ flow). Steady-state equilibrium is at the point where the two …

Using an efficiency-wage model, we examine the relationship between indeterminacy and unemployment insurance. It is … shown that the less unemployment insurance is, the more likely equilibrium is to be indeterminate. Equilibrium can be …

to fill vacancies, but search frictions prevent firms from instantly hiring available workers. Unemployment persists … unemployment responds to productivity changes depends on resources that can be allocated to job creation. Yet, this …) characterize responses of unemployment to productivity changes for a general matching technology; and (3) show how a matching …

the responsiveness of the unemployment rate to changes in macroeconomic variables. Most importantly, private information … increases the responsiveness of the unemployment rate to changes in the general (type and effort independent) productivity level …. If the changes also affect the information structure, the responsiveness of the unemployment rate may be large even if …

% for a 1 pp decline in the unemployment rate. For large recessions, like the Great Recession, that implies a decline in the …