Involuntary Unemployment and the Business Cycle

Lawrence J. Christiano, Mathias Trabandt, Karl Walentin

NBER Working Paper No. 15801
Issued in March 2010, Revised in December 2011

---- Acknowledgements ----

We are grateful for the advice and comments of Gadi Barlevy, Marco Bassetto, Jeff Campbell, Mikael Carlsson, Ferre De Graeve, Martin Eichenbaum, Jonas Fisher, Jordi Gali and Matthias Kehrig. We have also benefited from comments at the Journal of Economic Dynamics and Control Conference on Frontiers in Structural Macroeconomic Modeling: Thirty Years after "Macroeconomics and Reality" and Five Years after "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy", Hitotsubashi University, Tokyo, Japan, January 23 2010. The views expressed in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Executive Board of the European Central Bank, Sveriges Riksbank, or the National Bureau of Economic Research.

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