unemployment (NAIRU) that provide information about the general trajectory and last tendencies of trend unemployment. To better … identify the unemployment trend, we include indicators of long-term unemployment and the Beveridge curve shifts as exogenous …

unemployment over the business cycle, it implies a far too strong rise of the unemployment rate when unemployment benefits rise … of unemployment but at the same time implies a reasonable elasticity of unemployment with respect to benefits …

This paper explores the determinants of equilibrium unemployment within the search and matching framework. Using … by many OECD economies, of high and persistent unemployment. The main finding is that the rise in unemployment can be … levels and a rise in the rates of interest and worker separation from jobs. Beyond exploring the rise in unemployment, the …

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 …

We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (2011a …,b). We estimate the resulting model using postwar U.S. data, while treating the unemployment rate as an additional observable … output gap. In addition, the estimated model can be used to analyze the sources of unemployment fluctuations …

In this paper, we argue that credit market imperfections impact not only the level of unemployment, but also its … steady-state unemployment, but also slow down the transitional dynamics. We then provide an empirical illustration based on a … persistence of unemployment. -- Credit markets ; labor markets ; unemployment ; credit constraints ; search frictions …

We focus on the equilibrium unemployment rate as a parameter implied by a dynamic aggregate model of wage- and price … setting. The equilibrium unemployment rate depends on institutional labour market institutions through mark-up coefficients …. Compared to existing studies, the resulting final equation for unemployment has richer dynamic structure. The empirical …

This paper analyses the relation between US inflation and unemployment from the perspective of quot;frictional growth … policy has not only persistent, but permanent real effects, giving rise to a long-run inflation-unemployment tradeoff. We … the US unemployment and inflation trajectories during the nineties …