I examine the dynamic evolutions of unemployment, hours of work and the service share since the war in the United … that the very low unemployment in Europe in the 1960s was due to the high productivity growth associated with technological …

unemployment and a positively-sloped Beveridge curve. This paper presents a calibrated model which succeeds at generating … countercyclical unemployment and a negatively-sloped Beveridge curve despite the presence of a participation margin. …

estimates a simple model to capture the effects of technology, globalization, institutions and product demand effects on the … attenuate the polarizing impact of routinization and that differences or changes in wage-setting institutions play little role …

This paper illustrates why fiscal policy becomes more effective as unemployment rises in recessions. The theory is … based on the equilibrium unemployment model of Michaillat (forthcoming), in which jobs are rationed in recessions. Fiscal …; therefore fiscal policy reduces unemployment effectively. Formally the fiscal multiplier—the reduction in unemployment rate …

This paper models unemployment as the result of matching frictions and job rationing. Job rationing is a shortage of … returns to labor. During recessions, job rationing is acute, driving the rise in unemployment, whereas matching frictions … contribute little to unemployment. Intuitively, in recessions jobs are lacking, the labor market is slack, recruiting is easy and …

This article is based on a paper that models unemployment as the result of matching frictions and job rationing. Job … diminishing marginal returns to labor. During recessions, job rationing is acute, driving the rise in unemployment, whereas … matching frictions contribute little to unemployment. Intuitively, in recessions jobs are lacking, the labor market is slack …

This paper studies the responses of unemployment in Germany, the United States and Britain to the Great Recession of … suffered from recession but no structural problems; the United States suffered from structural unemployment during the recovery …; Germany exhibited a much better performance both during and after the recession. The rise in OECD unemployment is broken down …

Unemployment varies substantially over time and across subgroups of the labour market. Worker flows among labour market … states act as key determinants of this variation. We examine how the structure of unemployment across groups and its cyclical … over the last 35 years, we decompose unemployment variation into parts accounted for by changes in rates of job loss, job …

We present a static model of aggregate demand and unemployment. The economy has a nonproduced good, a produced good … prices as parameters. We obtain the following results: (1) unemployment and unsold production prevail in equilibrium; (2 … and reduce unemployment. …