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Rosemary Kaiser

Many countries, primarily in Europe, apply dismissal protections to permanent employment contracts but not to temporary ones, creating a two-tiered labor market in which younger and less educated …

Ricardo Lagos · Randall Wright

This 2005 *Journal of Political Economy* paper by Ricardo Lagos and Randall Wright builds a monetary search model in which each period alternates between a decentralized market with anonymous …

Peter A. Diamond

This 1982 Journal of Political Economy paper by Peter Diamond introduces a third source of macroeconomic unemployment, distinct from price/wage misperceptions or sluggish nominal adjustment: the …

Pablo Ottonello

Physical capital, like labour, can be "unemployed" — sitting idle while its owner searches for a buyer or tenant — and this paper documents that in the United States such idle capital is large, …

Olivier Blanchard · Jordi Galí

A New Keynesian model is extended with hiring costs that rise in labour market tightness and with real wage rigidity, so that unemployment exists and moves. Under the paper's utility specification the …

Morten O. Ravn · Vincent Sterk

A HANK model that is tractable enough to solve on paper, built by grafting Diamond-Mortensen-Pissarides search frictions onto a New Keynesian economy and then imposing assumptions that make the wealth …

Narayana R. Kocherlakota

This 1998 *Journal of Economic Theory* paper by Narayana Kocherlakota asks what money technologically does by comparing it against an alternative record-keeping technology the paper calls memory: …

Nobuhiro Kiyotaki · Randall Wright

This 1989 *Journal of Political Economy* paper by Nobuhiro Kiyotaki and Randall Wright builds a general-equilibrium random-matching model in which the identity of "money" is determined endogenously, …

Lars Ljungqvist · Thomas J. Sargent

This 1998 Journal of Political Economy paper by Lars Ljungqvist and Thomas Sargent argues that the persistently high unemployment that struck European welfare states from the 1980s onward reflects not …

Julien Albertini · Arthur Poirier · Anthony Terriau

This paper studies the effect of the Earned Income Tax Credit (EITC) on educational attainment and labor market trajectories through two complementary approaches. Using policy discontinuities at U.S.

Marta García-Rodríguez

This paper develops a Mortensen-Pissarides (DMP) search and matching model with internally rational (IR) agents who hold subjective beliefs about wages rather than perfect knowledge of the Nash …