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Understanding unemployment

Author

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  • Guillaume Rocheteau

Abstract

Modern economists have built models of the labor market, which isolate the market?s key drivers and describe the way these interact to produce particular levels of unemployment. One of the most popular models used by macroeconomists today is the search-matching model of equilibrium unemployment. We explain this model, and show how it can be applied to understand the way various policies, such as unemployment benefits, taxes, or technological changes, can affect the unemployment rate.

Suggested Citation

  • Guillaume Rocheteau, 2006. "Understanding unemployment," Economic Commentary, Federal Reserve Bank of Cleveland, issue Oct.
    • Handle: RePEc:fip:fedcec:y:2006:i:oct15
    DOI: 10.26509/frbc-ec-20061015
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    Cited by:

    1. Murat Tasci & Saeed Zaman, 2010. "Unemployment after the recession: a new natural rate?," Economic Commentary, Federal Reserve Bank of Cleveland, issue Sep.

    More about this item

    Keywords

    Unemployment; Labor market;

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