unemployment rates. To this end, we develop a matching model à la Pissarides (2000) in which homeowners are assumed to be less … depends crucially on the importance of mobility costs; (2) while higher homeownership may harm macroeconomic labour market …

When mobility between locations is frictional, a person's economic well-being is partially determined by her place of … birth. Using a life cycle model of mobility, we find that search frictions are the main impairment to the mobility of young … a high-unemployment urban area carries with it a large welfare penalty. Less stable jobs, slower skill accumulation …

spell at the time of interview and on all previous spells back to one year before is used to construct unemployment duration … data. Unemployment spells are defined as a series of monthly episodes ending up in a transition to job or out of labour … force, or right-censored. For any unemployment spell recorded at the time of interview, the individual is asked to report on …

. This model yields a simple relationshipbetween (i) the unemployment rate, (ii) the value of non-market time, and (iii … andallow for measurement error. The estimated wage dispersion and mismatch for theUS is consistent with an unemployment rate of …