HIGHLIGHTS
- who: UNEMPLOYMENT (FEARS et al. from the London School of Economics, University of Cambridge have published the article: Unemployment (Fears) and Deflationary Spirals, in the Journal: (JOURNAL) of November/Dec/2008
- what: The authors develop a model in which the inability to insure against unemployment risk generates business cycles that are much more volatile than the corresponding complete markets version. The authors provide empirical motivation for the key assumptions underlying the model : sticky nominal wages and workers' inability to insure against unemployment risk. The authors discuss how business cycle behavior is affected by alternative UI . . .
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