unemployment rate to measure its success, however, is misplaced. In a developing country with a large informal sector and in the … absence of unemployment insurance, open unemployment is primarily a middle-class phenomenon: the unemployed are not …

This paper explicitly differentiates between unemployment and inactivity, by defining inactivity as a state in which … labor market states. In steady-state, we hence have a theory of equilibrium unemployment determined by both matching … of large flows between employment, unemployment and inactivity. Secondly, it shows that unemployment and aggregate wages …

autocorrelation in regional hires, unemployment and vacancy levels, we examine the patterns of new matches in regions, identify … variation in unemployment rates, combined with little inter-regional migration. We find evidence in favor of labor market …