NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Unemployment Benefits and Unemployment in the Great Recession: The Role of Macro Effects

Marcus Hagedorn, Fatih Karahan, Iourii Manovskii, Kurt Mitman

NBER Working Paper No. 19499
Issued in October 2013

---- Acknowledgements -----

We would like to thank Bob Hall, Sam Schulhofer-Wohl and seminar participants at Penn Macro Lunch, Federal Reserve Banks of Cleveland, New York, and Philadelphia, 2013 NBER and Philadelphia Fed conference on Macroeconomics Across Time and Space, 2013 SED, 2013 NBER Summer Institute (EFCE, EFMB, EFRSW groups), 2013 North American Summer Meeting of Econometric Society, 2013 Minnesota Workshop in Macroeconomic Theory, 15th IZA/CEPR European Summer Symposium on Labor Economics, and Mannheim conference on "Financial Frictions and Real Economy'' for their comments. We are especially grateful to June Shelp, at The Conference Board, for her help with the HWOL data. The opinions expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of New York, the Federal Reserve System, or the National Bureau of Economic Research. Support from the National Science Foundation Grant No. SES-0922406 is gratefully acknowledged.

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