"Standard search and matching models of equilibrium unemployment, once properly calibrated, can generate only a small …

Standard search and matching models of equilibrium unemployment, once properly calibrated, can generate only a small …

The recent European experience of high persistent unemployment has led to the development of theories of unemployment … hysteresis embodying the idea that the equilibrium unemployment rate depends on the history of the actual unemployment rate. This …

set of contingent claims conditional on this risk.We use the model to evaluate a tax-financed unemployment insurance … stochastic ones---generate rather limited unemployment effects, unless workers are close to indifferent between working and not …

European unemployment has been steadily increasing for the last 15 years and isexpected to remain very high for many … years to come. In this paper, we argue thatthis fact implies that shocks have much more persistent effects on unemployment … and firms, shocks which affect actual unemployment tend also to affectequilibrium unemployment. We then confront the …

This paper challenges conventional views of unemployment. Its results suggest that failure to examine closely labor … force transitions has led to a misleading picture of unemployment and the way the labor market functions in general. There … unemployment. We find that the vast majority of those newly employed come not from unemployment but from outside the labor force …