employment is the efficient unemployment rate, u*. We define u* as the unemployment rate that minimizes the nonproductive use of …). Accordingly, the efficient unemployment rate is the geometric average of the unemployment and vacancy rates: u* = √uv. We compute …

replicating the observed levels of volatility of unemployment and other key variables. I take variations in productivity growth … market are essential for understanding the volatility of unemployment. These models include simple equilibrium wage … of the three models match the observed volatility of unemployment …

Unemployment insurance has the standard effect of reducing employment, but also helps workers to get a suitable job. The … unemployment, productivity growth and wage inequality. To show this, we construct two fictitious economies with calibrated … parameters which only differ by the degree of unemployment insurance and assume that they are hit by a common technological shock …

. In the context of such a model, we introduce a measure of unemployment and analyze its equilibrium behavior. We show that … unemployment rate, in a way qualitatively consistent with the evidence. The model stresses the role of countercyclical markups in … the goods market as a key mechanism underlying the countercyclical behavior of unemployment …

We examine the responsiveness of labor participation, unemployment and labor migration to exogenous variations in labor … regional labor demand, the initial increase in employment is accounted for mainly through a reduction in unemployment. Over …