Search and Rest Unemployment
---- Acknowledgements ----
We are grateful for comments by Daron Acemoglu, Gadi Barlevy, Morten Ravn, Marcelo Veracierto, and numerous seminar participants, and for research assistance by Lorenzo Caliendo. Shimer's research is supported by a grant from the National Science Foundation. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.