conventional measure of the unemployment rate (that is, the number of individuals who are not working at all and actively searching … working part time who want a full-time job) and the extent of hidden unemployment (that is, people who are not actively ….S. labor market slack and show that underemployment and hidden unemployment currently account for the bulk of the U …

The persistence of U.S. unemployment has risen with each of the last three recessions, raising the specter that future … shocks do not systematically lead to more persistent unemployment than monetary policy shocks, so these cannot explain the … rising persistence of unemployment. Second, monetary and fiscal policies can account for only part of the evolving …

recovered but unemployment lingered). This paper presents a model that captures these three facts. The key elements of the model …

, and price and wage rigidities. Regulation affects producer entry costs, employment protection, and unemployment benefits …

We use data on a panel of states over a 30 year sample to estimate the response of unemployment to military procurement … unemployment in states heavily dependent on the military sector and subject to large such changes, and that accounting for this … variation in responses across states adds approximately 40% to the estimated aggregate unemployment impact of the current …

that increases in government spending lower unemployment. Most specifications and samples imply, however, that virtually …