From 4f1b760690a63b523a31224e9ede4ba5c08ad514 Mon Sep 17 00:00:00 2001
From: Pascal Michaillat <85443660+pmichaillat@users.noreply.github.com>
Date: Fri, 13 Dec 2024 10:00:39 -0800
Subject: [PATCH] Update subtitle slightly

---
 config.yml                                    |   2 +-
 content/courses/c1.md                         |   4 +-
 content/officehours.md                        |   4 +-
 content/papers/1.md                           |   4 +-
 public/1/index.html                           |   9 +-
 public/c1/index.html                          |  17 +-
 public/courses/index.html                     |   2 +-
 public/courses/index.xml                      |   4 +-
 public/index.html                             |   2 +-
 public/index.xml                              |  18 +-
 public/officehours/index.html                 |  12 +-
 public/papers/index.xml                       |   2 +-
 public/sitemap.xml                            |  55 +++---
 public/tags/beveridge-curve/index.html        |  12 ++
 public/tags/beveridge-curve/index.xml         |   9 +-
 public/tags/business-cycles/index.html        |  12 --
 public/tags/business-cycles/index.xml         |   9 +-
 public/tags/dmp-model/index.html              |   2 +-
 public/tags/dmp-model/index.xml               |   4 +-
 public/tags/frictional-unemployment/index.xml |   2 +-
 public/tags/index.html                        |   7 +-
 public/tags/index.xml                         |  49 +++--
 public/tags/job-rationing/index.html          |   2 +-
 public/tags/job-rationing/index.xml           |   4 +-
 public/tags/job-vacancies/index.xml           |   2 +-
 public/tags/labor-market-tightness/index.html |   2 +-
 public/tags/labor-market-tightness/index.xml  |   4 +-
 public/tags/matching-function/index.html      |   2 +-
 public/tags/matching-function/index.xml       |   4 +-
 public/tags/matching-model/index.html         |   2 +-
 public/tags/matching-model/index.xml          |   4 +-
 public/tags/public-employment/index.html      |   2 +-
 public/tags/public-employment/index.xml       |   4 +-
 public/tags/rationing-unemployment/index.xml  |   2 +-
 public/tags/recessions/index.xml              |   2 +-
 public/tags/shimer-puzzle/index.html          | 179 ++++++++++++++++++
 public/tags/shimer-puzzle/index.xml           |  31 +++
 public/tags/shimer-puzzle/page/1/index.html   |  10 +
 public/tags/unemployment-insurance/index.html |   2 +-
 public/tags/unemployment-insurance/index.xml  |   4 +-
 public/tags/unemployment/index.html           |   2 +-
 public/tags/unemployment/index.xml            |   4 +-
 public/tags/wage-rigidity/index.html          |   2 +-
 public/tags/wage-rigidity/index.xml           |   4 +-
 44 files changed, 375 insertions(+), 140 deletions(-)
 create mode 100644 public/tags/shimer-puzzle/index.html
 create mode 100644 public/tags/shimer-puzzle/index.xml
 create mode 100644 public/tags/shimer-puzzle/page/1/index.html

diff --git a/config.yml b/config.yml
index 7ee66c6c..70295c50 100644
--- a/config.yml
+++ b/config.yml
@@ -55,7 +55,7 @@ params:
     profileMode:
           enabled: true
           title: Pascal Michaillat
-          subtitle: "I am an associate professor of economics at the University of California, Santa Cruz. I research why economic slack—especially unemployment—exists, why slack fluctuates over the business cycle, and how macroeconomic policies should respond to such fluctuations."
+          subtitle: "I am an associate professor of economics at the University of California, Santa Cruz. My research primarily studies economic slack, especially unemployment: why it exists, why it fluctuates over the business cycle, and how macroeconomic policies should respond to such fluctuations."
           imageUrl: "/picture.jpeg"
           imageWidth: 160
           imageHeight: 160
diff --git a/content/courses/c1.md b/content/courses/c1.md
index 54b01d51..72d6cd4e 100644
--- a/content/courses/c1.md
+++ b/content/courses/c1.md
@@ -1,6 +1,6 @@
 ---
 title: "Unemployment" 
-date: 2024-12-11
+date: 2024-12-13
 url: /c1/
 aliases:
     - /t1.html
@@ -48,7 +48,7 @@ aliases:
     - /uploads/7/0/2/0/70200055/t1b.pdf
     - /uploads/7/0/2/0/70200055/t1d.pdf
     - /uploads/7/0/2/0/70200055/t1f.pdf
-tags: ["business cycles", "DMP model", "job rationing", "labor-market tightness", "matching function", "matching model", "public employment", "unemployment", "unemployment insurance", "wage rigidity"]
+tags: ["Beveridge curve", "DMP model", "job rationing", "labor-market tightness", "matching function", "matching model", "public employment", "Shimer puzzle", "unemployment", "unemployment insurance", "wage rigidity"]
 author: "Pascal Michaillat"
 description: "This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies." 
 summary: "This course presents a matching model of unemployment. It uses the model to study unemployment fluctuations; job rationing; efficient unemployment and unemployment gap; and labor market policies such as minimum wage, public employment, and unemployment insurance." 
diff --git a/content/officehours.md b/content/officehours.md
index 50aedcee..bae098bb 100644
--- a/content/officehours.md
+++ b/content/officehours.md
@@ -1,6 +1,6 @@
 ---
 title: "Office Hours"
-date: 2024-12-10
+date: 2024-12-13
 url: /officehours/
 aliases:
     - /oh.html
@@ -12,7 +12,7 @@ hidemeta: true
 
 ---
 
-#### Schedule for Winter 2024 (starting 1/8/2025)
+#### Schedule for Winter 2025 (starting 1/8/2025)
 
 + Day: Wednesday
 + Time for ECON 182 students: 4:00pm–5:00pm
diff --git a/content/papers/1.md b/content/papers/1.md
index f4ce3c52..4d61ea68 100644
--- a/content/papers/1.md
+++ b/content/papers/1.md
@@ -1,14 +1,14 @@
 ---
 title: "Do Matching Frictions Explain Unemployment? Not in Bad Times" 
 date: 2012-06-01
-lastmod: 2024-10-01
+lastmod: 2024-12-13
 url: /1/
 aliases: 
     - /1.html
     - /uploads/7/0/2/0/70200055/1.pdf
     - /uploads/7/0/2/0/70200055/1a.pdf
     - /uploads/7/0/2/0/70200055/1p.pdf
-tags: ["business cycles", "DMP model", "frictional unemployment", "job rationing", "job vacancies", "matching model", "recessions", "rationing unemployment", "unemployment", "wage rigidity"]
+tags: ["business cycles", "DMP model", "frictional unemployment", "job rationing", "job vacancies", "matching model", "recessions", "rationing unemployment", "Shimer puzzle","unemployment", "wage rigidity"]
 author: "Pascal Michaillat"
 description: "This paper proposes a matching model of the labor market with job rationing: unemployment persists even without matching frictions. Published in AER, 2012." 
 summary: "This paper proposes a matching model of the labor market with job rationing: unemployment does not disappear in the absence of matching frictions. In recessions, job rationing drives the rise of unemployment, whereas matching frictions contribute little to it." 
diff --git a/public/1/index.html b/public/1/index.html
index 015f76c8..96d3f222 100644
--- a/public/1/index.html
+++ b/public/1/index.html
@@ -6,7 +6,7 @@
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 <meta name="robots" content="index, follow">
 <title>Do Matching Frictions Explain Unemployment? Not in Bad Times | Pascal Michaillat</title>
-<meta name="keywords" content="business cycles, DMP model, frictional unemployment, job rationing, job vacancies, matching model, recessions, rationing unemployment, unemployment, wage rigidity">
+<meta name="keywords" content="business cycles, DMP model, frictional unemployment, job rationing, job vacancies, matching model, recessions, rationing unemployment, Shimer puzzle, unemployment, wage rigidity">
 <meta name="description" content="This paper proposes a matching model of the labor market with job rationing: unemployment persists even without matching frictions. Published in AER, 2012.">
 <meta name="author" content="Pascal Michaillat">
 <link rel="canonical" href="https://pascalmichaillat.org/1/">
@@ -24,7 +24,7 @@
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 <meta property="og:image" content="https://pascalmichaillat.org/1s.png" /><meta property="article:section" content="papers" />
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-<meta property="article:modified_time" content="2024-10-01T00:00:00+00:00" />
+<meta property="article:modified_time" content="2024-12-13T00:00:00+00:00" />
 
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 <meta name="twitter:image" content="https://pascalmichaillat.org/1s.png" />
@@ -60,13 +60,13 @@
   "name": "Do Matching Frictions Explain Unemployment? Not in Bad Times",
   "description": "This paper proposes a matching model of the labor market with job rationing: unemployment persists even without matching frictions. Published in AER, 2012.",
   "keywords": [
-    "business cycles", "DMP model", "frictional unemployment", "job rationing", "job vacancies", "matching model", "recessions", "rationing unemployment", "unemployment", "wage rigidity"
+    "business cycles", "DMP model", "frictional unemployment", "job rationing", "job vacancies", "matching model", "recessions", "rationing unemployment", "Shimer puzzle", "unemployment", "wage rigidity"
   ],
   "articleBody": " Paper Online appendix Code and data Abstract This paper proposes a search-and-matching model of unemployment in which jobs are rationed: the labor market does not clear in the absence of matching frictions. This job shortage arises in an economic equilibrium from the combination of some wage rigidity and diminishing marginal returns to labor. In recessions, job rationing is acute, driving the rise in unemployment, whereas matching frictions contribute little to unemployment. Intuitively in recessions, jobs are lacking, the labor market is slack, and recruiting is easy and inexpensive, so matching frictions do not matter much. In a calibrated model, cyclical fluctuations in the composition of unemployment are large.\nFigure 5: Rationing and frictional unemployment in the United States, 1964–2009 Citation Michaillat, Pascal. 2012. “Do Matching Frictions Explain Unemployment? Not in Bad Times.” American Economic Review 102 (4): 1721–1750. https://doi.org/10.1257/aer.102.4.1721.\n@article{M12, author = {Pascal Michaillat}, year = {2012}, title = {Do Matching Frictions Explain Unemployment? Not in Bad Times}, journal = {American Economic Review}, volume = {102}, number = {4}, pages = {1721--1750}, url = {https://doi.org/10.1257/aer.102.4.1721}} Related material Presentation slides Nontechnical summary for CentrePiece PhD dissertation (2010) – My PhD dissertation at UC Berkeley is the basis for this paper. Chapter 2 in particular provides intuition for the main results of the paper based on an elementary, urn-ball model of the labor market. ",
   "wordCount" : "222",
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+  "dateModified": "2024-12-13T00:00:00Z",
   "author":{
     "@type": "Person",
     "name": "Pascal Michaillat"
@@ -224,6 +224,7 @@ <h5 id="related-material">Related material</h5>
       <li><a href="https://pascalmichaillat.org/tags/matching-model/">matching model</a></li>
       <li><a href="https://pascalmichaillat.org/tags/recessions/">recessions</a></li>
       <li><a href="https://pascalmichaillat.org/tags/rationing-unemployment/">rationing unemployment</a></li>
+      <li><a href="https://pascalmichaillat.org/tags/shimer-puzzle/">Shimer puzzle</a></li>
       <li><a href="https://pascalmichaillat.org/tags/unemployment/">unemployment</a></li>
       <li><a href="https://pascalmichaillat.org/tags/wage-rigidity/">wage rigidity</a></li>
     </ul>
diff --git a/public/c1/index.html b/public/c1/index.html
index 127b065d..a1cee9a4 100644
--- a/public/c1/index.html
+++ b/public/c1/index.html
@@ -6,7 +6,7 @@
 <meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
 <meta name="robots" content="index, follow">
 <title>Unemployment | Pascal Michaillat</title>
-<meta name="keywords" content="business cycles, DMP model, job rationing, labor-market tightness, matching function, matching model, public employment, unemployment, unemployment insurance, wage rigidity">
+<meta name="keywords" content="Beveridge curve, DMP model, job rationing, labor-market tightness, matching function, matching model, public employment, Shimer puzzle, unemployment, unemployment insurance, wage rigidity">
 <meta name="description" content="This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.">
 <meta name="author" content="Pascal Michaillat">
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 <meta name="twitter:image" content="https://pascalmichaillat.org/c1s.png" />
@@ -60,13 +60,13 @@
   "name": "Unemployment",
   "description": "This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.",
   "keywords": [
-    "business cycles", "DMP model", "job rationing", "labor-market tightness", "matching function", "matching model", "public employment", "unemployment", "unemployment insurance", "wage rigidity"
+    "Beveridge curve", "DMP model", "job rationing", "labor-market tightness", "matching function", "matching model", "public employment", "Shimer puzzle", "unemployment", "unemployment insurance", "wage rigidity"
   ],
   "articleBody": "Introduction This course covers topics related to unemployment. Unemployment represents a waste of productive resources and therefore is something that should be limited. In addition to its wastefulness, unemployment generates other, large costs to society. People who are unemployed suffer from lower mental and physical health than employed workers. Even employed people in areas with high unemployment report lower well-being. Accordingly, good economic policy should stabilize unemployment at a desirable level and avoid periods of elevated unemployment.\nThis course presents several models of unemployment. These models explain why unemployment exist, and why unemployment fluctuate over the business cycle. The course also strives to justify all the assumptions introduced in the models.\nThese models are extremely helpful to design effective policies to tackle unemployment. First, the models are useful to determine what is the socially efficient level of unemployment. This socially efficient level of unemployment is a key ingredient to good labor-market policies. Second, the models explain how various labor market policies should respond to fluctuations in unemployment.\nLecture videos Why do we care about unemployment? Absence of unemployment in the competitive model Main readings Darity and Goldsmith (1996) – This survey reviews the social-psychological consequences of unemployment. It finds that exposure to unemployment severely damages psychological health. Frey and Stutzer (2002) – This survey provides evidence that personal unemployment and aggregate unemployment significantly reduce happiness. The evidence refers to the pure effect of unemployment, which controls for the income loss from unemployment. Additional readings Di Tella, MacCulloch, and Oswald (2003) – This paper finds in well-being surveys that unemployment make people unhappy. Being unemployed makes you unhappy, and having unemployment in your country makes you unhappy. In fact, after controlling for income and other personal characteristics, becoming unemployed appears as painful as divorcing. Winkelmann and Winkelmann (1998) – This paper uses panel data to show that unemployment causes unhappiness (and not the other way around). It finds that unemployment significantly reduces life satisfaction, and that the non-pecuniary cost of unemployment is much larger than the pecuniary cost. Borgschulte and Martorell (2018) – This paper provides revealed-preference estimates of the cost of unemployment. It finds that unemployment is indeed very costly. Labor market facts and matching function This section reviews basic facts about the labor market and unemployment in the United States. It then introduces the matching function—the main tool that we will use to model the labor market and unemployment. The matching function summarizes the complex process through which workers searching for jobs and firms searching for employees meet each other.\nLecture videos Organization of the labor market Unemployment rate Vacancy rate Beveridge curve Job-finding rate Vacancy-filling rate Job-separation rate Matching function Labor market tightness Lecture notes Labor market facts and matching function Main readings Petrongolo and Pissarides (2001) – This survey reviews the foundations of the matching function, its empirical properties, and its applications. Elsby, Michaels, and Ratner (2015) – This survey reviews the empirical properties of the Beveridge curve and possible theoretical foundations for it. Additional readings Petrosky-Nadeau and Zhang (2021) – This paper measures the unemployment and vacancy rates in the United States going back to the Great Depression (1930). Shimer (2012) – This paper shows that in the United States, unemployment fluctuations are caused by fluctuations in the job-finding rate and not fluctuations in the job-separation rate. Stevens (2007) – This paper generates a Cobb-Douglas matching function from a Poisson queuing process. Practice material Quiz on labor market facts Quiz on matching function Problem set on matching function Matching model of the labor market This section introduces the matching model of the labor market. This is the model that we will use to study unemployment and labor market policies in this course. The model was developed by Peter Diamond, Dale Mortensen, and Christopher Pissarides in the 1980s—for this they received a Nobel Prize in 2010. In the matching model, unlike in the neoclassical model, all trades are mediated by a matching function. Nevertheless, we can construct labor supply and labor demand curves, and use them to solve the model.\nLecture videos Properties of a good model according to Kuhn Notations Labor market flows Assumption of balanced flows Computing labor supply Properties of labor supply Organization of the firm Computing the recruiter-producer ratio Properties of the recruiter-producer ratio Profits of the firm Problem of the firm Computing labor demand Properties of labor demand Review of labor supply and demand Irrelevance of unemployment dynamics Finding the wage in a competitive model Finding labor market tightness in a matching model Graphical representation of the solution Complete description of the solution Lecture notes Matching model of the labor market Main readings Kuhn (1957, chapters 1 and 5) – This book studies the Copernican Revolution in astronomy and in the process isolates the three properties of a good model: economy, accuracy, and fruitfulness. Pissarides (2001, chapter 1) – This chapter introduces the standard version of the matching model of the labor market. Additional readings Kuhn (1962, chapters 2–9) – This book describes how science progresses by cycling through paradigms. Each cycle starts with a period of normal science, during which the dominant paradigm is used and refined. This is followed by a period of revolutionary science, during which the anomalies of the dominant paradigm are too numerous to ignore, and new paradigms are invented and compete to replace to old paradigm. Rogerson, Shimer, and Wright (2005) – This survey reviews a range of matching models and search models. Practice material Quiz on matching model of the labor market Wage functions This section discusses the labor market institutions that determine wages, such as unions, minimum wages, and corporate policies. It then discusses various wage functions that can be used in the matching model, such as fixed wages, rigid wages, and bargained wages.\nLecture videos Unemployment over the business cycle Unemployment in the matching model Sources of business cycles Wages over the business cycle Wages in the matching model Unions Minimum wage Efficiency wages Fixed wages Rigid wages Bargained wages Surplus of the firm Surplus of the worker Surplus sharing Properties of bargained wages Lecture notes Wage functions Main readings Bewley (2004) – This survey explains how wages are set, why wages are rigid, and in particular why wages do not fall in recessions. It finds that firms avoid pay cuts because cuts damage morale and therefore reduce productivity, increase turnover, and complicate recruiting. Haefke, Sonntag, and Van Rens (2013) – This paper estimates that the real wages of new hires are somewhat rigid. The elasticity of real wages with respect to productivity is between 0.7 and 0.8, so less than 1. Additional readings Akerlof (1984) – This survey reviews various theories of efficiency wages. These theories try to explain how firms set wages in practice. They consider the effect of wages on productivity, attachment to the firm, retention, hiring, and so on. Dickens et al (2007) – This paper provides international evidence of wage rigidity. Hazell and Taska (2024) – This paper shows that thee wage for new hires is rigid downward and flexible upward. The wage attached to each job does not respond to rises in unemployment, but it rises strongly when unemployment falls. Practice material Quiz on wage functions Unemployment fluctuations This section discusses unemployment fluctuations in the matching model. We first show that the model with rigid wages generates realistic fluctuations in unemployment. We then show that the model with bargained wages is unable to generate such fluctuations. The reason is that bargained wages are too flexible.\nLecture videos Matching model with rigid wages Business-cycle shocks Labor supply shocks with rigid wages Labor demand shocks with rigid wages Elasticities Fluctuations in labor market tightness with rigid wages Elasticity of labor supply Elasticity of the recruiter-producer ratio Elasticity of labor market tightness Wage rigidity required to generate realistic fluctuations Matching model with bargained wages Labor supply shocks with bargained wages Labor demand shocks with bargained wages Fluctuations in labor market tightness with bargained wages Value from unemployment Bargained wages cannot generate realistic fluctuations Lecture notes Unemployment fluctuations Main readings Shimer (2005) – This paper shows that the textbook matching model of the labor market cannot generate realistic fluctuations in unemployment and vacancies because bargained wages are too flexible. Hall (2005) – This paper shows that a matching model with fixed wages can generate large fluctuations in unemployment and vacancies—larger in fact that the fluctuations observed in the United States. Additional readings Hall and Milgrom (2008) – This paper proposes a form of wage bargaining that produces somewhat-rigid wages. With such bargaining protocol, the matching model generates realistic fluctuations in unemployment and vacancies. Practice material Quiz on unemployment fluctuations Problem set on matching model of the labor market, wage functions, and unemployment fluctuations Frictional and rationing unemployment This section turns to the sources of unemployment over the business cycle. In usual matching models, unemployment becomes vanishingly small when unemployed workers search sufficiently hard for jobs. Unemployment also becomes vanishingly small when recruiting costs are sufficiently low. In other words, usual matching models do not feature job rationing. This lack of job rationing is difficult to reconcile with the long queues of unemployed workers at job bureaus and factory gates observed during the Great Depression.\nThe section then develops a matching model with job rationing. In the model, in recession, jobs are lacking, so some unemployment remains even if workers are desperate to find a job. The model features both frictional unemployment—caused by difficulties in matching workers and firms—and rationing unemployment—caused by a lack of job. The model describes well good and bad times. In bad times, labor demand is low so rationing unemployment is high. Hence total unemployment is high. But, maybe surprisingly, frictional unemployment is low. In that case, workers queue for jobs and it is easy for firms to fill vacancies. Conversely, in good times, labor demand is high so rationing unemployment is low and total unemployment is low. Frictional unemployment is higher than in bad times. In that case, it is easy for workers to find jobs but firms struggle to fill job vacancies.\nTechnically, typical matching models do not feature job rationing because their labor demand is perfectly elastic with respect to wages and labor market tightness. Once we introduce a labor demand that is downward sloping with respect to wages and tightness, job rationing appears and not all unemployment is frictional. The easiest way to generate a downward-sloping labor demand is by assuming that the production function has diminishing marginal returns to labor.\nLecture videos Introduction to job rationing Evolution of matching models: standard model Evolution of matching models: rigid-wage model Evolution of matching models: job-rationing model All unemployment is frictional in standard and rigid-wage models Standard model with zero recruiting cost Rigid-wage model with zero recruiting cost The case of infinite job-search effort Standard model with infinite job-search effort Rigid-wage model with infinite job-search effort Generating job rationing Unemployment with zero recruiting cost Defining rationing unemployment When is rationing unemployment positive? Unemployment with infinite job-search effort Measuring frictional and rationing unemployment Frictional and rationing unemployment over the business cycle Frictional and rationing unemployment in a calibrated model Lecture notes Frictional and rationing unemployment Main readings Michaillat (2012) – This paper establishes that usual matching models do not have job rationing and develops a matching model with job rationing. In that model unemployment can be decomposed into rationing and frictional components. In recessions, the rationing component is large while the frictional component is small. Michaillat and Saez (2015) – This paper adds aggregate demand to the model in Michaillat (2012). This is done by adding a product market to the labor market with a similar matching structure. Aggregate demand shocks generate fluctuations in unemployment and vacancies along the Beveridge curve. Additional readings Michaillat and Saez (2022) – This paper builds a dynamic version of the model in Michaillat and Saez (2015), which is static. In this model the central bank can influence aggregate demand and unemployment through interest rates. Michaillat and Saez (2024) – This paper uses the dynamic model in Michaillat and Saez (2022) and generates a Phillips curve by introducing price competition through directed search. To ensure that unemployment fluctuates, the model assumes price rigidity through quadratic price-adjustment costs. The Phillips curve produced by the model guarantees divine coincidence: inflation is on target when unemployment is efficient. Practice material Quiz on frictional and rationing unemployment Efficient unemployment and unemployment gap Unlike in neoclassical models, in matching models there is no guarantee of efficiency. The prevailing unemployment rate is generally inefficient: either too high or too low.\nThis section defines and computes the socially efficient rate of unemployment in the matching model. It then extends the analysis to all models with a Beveridge curve—not only the matching model. It develops measures of the efficient labor market tightness and efficient unemployment rate. It also develops a measure of the unemployment gap to assess how far the unemployment rate is from its socially efficient level. The measure depends on three sufficient statistics: recruiting cost, social value of nonwork, and elasticity of the Beveridge curve.\nThe section finally shows that in the United States, the unemployment gap is generally positive and is sharply countercyclical. This means that the US labor market is generally inefficiently slack and especially inefficiently slack in slumps. For instance, the unemployment gap reached 6 percentage points during the Volcker Recession and the Great Recession.\nLecture videos Why do we need to know the efficient unemployment rate? Natural rate of unemployment and NAIRU Defining the efficient unemployment rate Problem of the social planner Solution to the planner’s problem Computing efficient labor market tightness Graphical representation of matching efficiency Why is the labor market generally inefficient? Description of Beveridgean models Social welfare in Beveridgean models Efficiency in Beveridgean models Graphical representation of Beveridgean efficiency Comparative statics for the efficient unemployment rate Graphical representation of the unemployment gap Sufficient-statistic formula for efficient labor market tightness Implementing the sufficient-statistic formula Unemployment gap in the United States Lecture notes Efficient unemployment and unemployment gap Main readings Michaillat and Saez (2021) – This paper derives sufficient-statistic formulas for efficient labor market tightness and efficient unemployment rate. It also applies the formulas to the United States. Michaillat and Saez (2024) – This paper shows that under simple but realistic assumptions, the sufficient-statistic formula for the efficient unemployment rate from Michaillat and Saez (2021) reduces to $u^\\ast = \\sqrt{uv}$. This unemployment rate marks not only social efficiency but also full employment. Additional readings Chetty (2009) – This survey describes the sufficient-statistic method for welfare and policy analysis. Hosios (1990) – This paper shows that in a textbook matching model, unemployment is efficient when workers’ bargaining power equals the elasticity of the matching function with respect to unemployment. Practice material Quiz on efficient unemployment and unemployment gap Problem set on frictional, rationing, and efficient unemployment Labor-demand policies Over the business cycle, fluctuations in labor demand generate fluctuations in unemployment that are inefficient. Labor market policies that can influence labor demand should therefore counterbalance these fluctuations and bring the unemployment rate closer to its efficient level. This section discusses how minimum wage, payroll tax, and public employment—all policies that directly influence labor demand—should respond to unemployment fluctuations over the business cycle.\nLecture videos Active and passive labor market policies Modeling a minimum wage Labor supply and demand with a minimum wage Designing an optimal policy Optimal minimum wage Evidence on the minimum wage Other possible effects of the minimum wage Modeling a payroll tax Labor supply and demand with a payroll tax Optimal payroll tax Public employment in the United States Matching process with public employment Labor supply and demand with public employment Graphical representation of public employment Computing the public-employment multiplier Slopes of the labor supply and demand curves Expression for the multiplier Multiplier is positive but less than one Multiplier is countercyclical Multiplier in slumps Multiplier in booms Optimal public employment Lecture notes Labor-demand policies Main readings Michaillat (2014) – This paper establishes that in a matching model with job rationing, the public-employment multiplier is positive but less than one, and the multiplier is larger when the unemployment rate is higher. These predictions are consistent with a growing body of evidence from the United States and abroad. Auerbach and Gorodnichenko (2012) – This paper finds that in the United States, government multipliers are larger when the unemployment rate is higher. Additional readings Neumark and Shirley (2022) – This survey reviews evidence on the effect of the minimum wage on employment in the United States. Neumann, Fishback, and Kantor (2010) – This paper describes public employment in the United States during the First New Deal and Second New Deal. It then documents the effect of public employment on the private labor market—unearthing evidence of crowding out of private employment by public employment. Practice material Quiz on labor-demand policies Unemployment insurance Fluctuations in unemployment raise another policy question: how should the generosity of unemployment insurance respond to unemployment fluctuations? This question was hotly debated during the Great Recession. Some argued that unemployment insurance should be reduced because it discouraged job search and would raise unemployment further. Other countered that unemployment insurance could be increased without raising unemployment much—as there were no jobs available for jobseekers.\nThis section weights the two sides of the argument. It discusses the different channels through which unemployment insurance affects the labor market. It then derives a formula for optimal unemployment insurance. The formula contrasts how generous unemployment insurance should be in good times and in bad times. The formula shows that the generosity of unemployment insurance should be adjusted over the business cycle; the adjustment depends on how unemployment insurance affects labor market tightness. The effect of unemployment insurance on tightness depends on the model: increasing unemployment insurance may raise tightness by alleviating the rat race for jobs or lower tightness by increasing wages through bargaining.\nIn the United States, unemployment insurance is more generous in bad times than in good times. The formula, combined with evidence from the US labor market, suggests that such countercyclical generosity is desirable. The reasons are that increasing unemployment insurance raises labor market tightness, and that labor market tightness is inefficiently low in slumps and inefficiently high in booms.\nLecture videos Unemployment insurance in the United States Matching process with unemployment insurance Labor demand with unemployment insurance Social welfare with unemployment insurance Effort supply with unemployment insurance Labor supply with unemployment insurance Graphical representation of unemployment insurance Unemployment insurance in the job-rationing model Moral-hazard channel of unemployment insurance Microelasticity and macroelasticity of unemployment Rat-race channel of unemployment insurance Unemployment insurance in the rigid-wage model Unemployment insurance in the standard model Job-creation channel of unemployment insurance Optimal unemployment insurance Formula for optimal unemployment insurance Baily-Chetty term Effect of labor market tightness on welfare Effect of unemployment insurance on labor market tightness Cyclicality of optimal unemployment insurance Lecture notes Unemployment insurance Main readings Landais, Michaillat, and Saez (2018a) – This paper studies optimal unemployment insurance in a matching model and obtains a sufficient-statistic formula for optimal unemployment insurance. Landais, Michaillat, and Saez (2018b) – This paper applies the sufficient-statistic formula from Landais, Michaillat, and Saez (2018a) to the United States and finds that optimal unemployment insurance is countercyclical—more generous in bad times than in good times. Additional readings Chetty (2006) – This paper studies optimal unemployment insurance in a model with fixed tightness and derives the Baily-Chetty formula. Marinescu (2017) – This paper examines how the tripling of the duration of unemployment benefits during the Great Recession impacted the US labor market. It finds that the number of job applications fell while the number of job openings remained that same. Therefore, labor market tightness (the ratio of job openings to job applications) increased when unemployment insurance became more generous. Lalive, Landais, and Zweimueller (2015) – This paper uses a natural experiment in Austria to measure the response of labor market tightness to unemployment insurance. The experiment consists of an increase in benefit duration from 52 to 209 weeks for eligible unemployed workers in a subset of regions. Ineligible unemployed workers in treated labor markets experienced significantly lower unemployment duration, which implies that labor market tightness rose in treated labor markets. Practice material Quiz on unemployment insurance Problem set on labor market policies ",
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@@ -175,7 +175,7 @@
     <h1 class="post-title entry-hint-parent">
       Unemployment
     </h1>
-    <div class="post-meta"><span title='2024-12-11 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat&nbsp;&middot;&nbsp;<a href="https://github.com/pmichaillat/unemployment" rel="noopener noreferrer" target="_blank">Course portal – Winter 2025</a>
+    <div class="post-meta"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat&nbsp;&middot;&nbsp;<a href="https://github.com/pmichaillat/unemployment" rel="noopener noreferrer" target="_blank">Course portal – Winter 2025</a>
 
 </div>
   </header> <div class="toc">
@@ -570,13 +570,14 @@ <h5 id="practice-material-7">Practice material<a hidden class="anchor" aria-hidd
 
   <footer class="post-footer">
     <ul class="post-tags">
-      <li><a href="https://pascalmichaillat.org/tags/business-cycles/">business cycles</a></li>
+      <li><a href="https://pascalmichaillat.org/tags/beveridge-curve/">Beveridge curve</a></li>
       <li><a href="https://pascalmichaillat.org/tags/dmp-model/">DMP model</a></li>
       <li><a href="https://pascalmichaillat.org/tags/job-rationing/">job rationing</a></li>
       <li><a href="https://pascalmichaillat.org/tags/labor-market-tightness/">labor-market tightness</a></li>
       <li><a href="https://pascalmichaillat.org/tags/matching-function/">matching function</a></li>
       <li><a href="https://pascalmichaillat.org/tags/matching-model/">matching model</a></li>
       <li><a href="https://pascalmichaillat.org/tags/public-employment/">public employment</a></li>
+      <li><a href="https://pascalmichaillat.org/tags/shimer-puzzle/">Shimer puzzle</a></li>
       <li><a href="https://pascalmichaillat.org/tags/unemployment/">unemployment</a></li>
       <li><a href="https://pascalmichaillat.org/tags/unemployment-insurance/">unemployment insurance</a></li>
       <li><a href="https://pascalmichaillat.org/tags/wage-rigidity/">wage rigidity</a></li>
diff --git a/public/courses/index.html b/public/courses/index.html
index 0c101cf0..9caf8923 100644
--- a/public/courses/index.html
+++ b/public/courses/index.html
@@ -142,7 +142,7 @@ <h2 class="entry-hint-parent">Unemployment
   <div class="entry-content">
     <p>This course presents a matching model of unemployment. It uses the model to study unemployment fluctuations; job rationing; efficient unemployment and unemployment gap; and labor market policies such as minimum wage, public employment, and unemployment insurance.</p>
   </div>
-  <footer class="entry-footer"><span title='2024-12-11 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <footer class="entry-footer"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
   <a class="entry-link" aria-label="post link to Unemployment" href="https://pascalmichaillat.org/c1/"></a>
 </article>
 
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index d4b793b4..da528c47 100644
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+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/c1/</guid>
       <description>This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.</description>
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diff --git a/public/index.html b/public/index.html
index 16ebe9d5..8be9680d 100644
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         <h1>Pascal Michaillat</h1>
-        <span>I am an associate professor of economics at the University of California, Santa Cruz. I research why economic slack—especially unemployment—exists, why slack fluctuates over the business cycle, and how macroeconomic policies should respond to such fluctuations.</span><div class="social-icons" >
+        <span>I am an associate professor of economics at the University of California, Santa Cruz. My research primarily studies economic slack, especially unemployment: why it exists, why it fluctuates over the business cycle, and how macroeconomic policies should respond to such fluctuations.</span><div class="social-icons" >
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index 00b4ab7d..203f5d1b 100644
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+    <item>
+      <title>Office Hours</title>
+      <link>https://pascalmichaillat.org/officehours/</link>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
+      <guid>https://pascalmichaillat.org/officehours/</guid>
+      <description>Schedule and location of Prof. Michaillat&amp;#39;s office hours at the University of California, Santa Cruz.</description>
+    </item>
     <item>
       <title>Unemployment</title>
       <link>https://pascalmichaillat.org/c1/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/c1/</guid>
       <description>This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.</description>
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@@ -27,13 +34,6 @@
       <guid>https://pascalmichaillat.org/14/</guid>
       <description>This paper explains why a wave of in-migration reduces the employment rate of local workers, and why this reduction is larger in bad times.</description>
     </item>
-    <item>
-      <title>Office Hours</title>
-      <link>https://pascalmichaillat.org/officehours/</link>
-      <pubDate>Tue, 10 Dec 2024 00:00:00 +0000</pubDate>
-      <guid>https://pascalmichaillat.org/officehours/</guid>
-      <description>Schedule and location of Prof. Michaillat&amp;#39;s office hours at the University of California, Santa Cruz.</description>
-    </item>
     <item>
       <title>Beveridgean Phillips Curve</title>
       <link>https://pascalmichaillat.org/15/</link>
diff --git a/public/officehours/index.html b/public/officehours/index.html
index 8d9b5f96..91e85859 100644
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-  "articleBody": " Schedule for Winter 2024 (starting 1/8/2025) Day: Wednesday Time for ECON 182 students: 4:00pm–5:00pm Time for other UCSC students: 3:00pm–4:00pm Location By default office hours take place in my office. I am also available for virtual meetings upon request. Those take place in my Zoom room.\nMeeting material If we are meeting to discuss research, please send me a written description of the work that you would like to discus. Presentation slides or paper draft are perfectly fine. If you do not have those, please send a one-page description of the research. If we have already met in the past to discuss research, please send me an update on your work since our previous meeting. Include responses to each point on your to-do list from the previous meeting. Please send me the material by 8pm on the evening before our meeting. ",
+  "articleBody": " Schedule for Winter 2025 (starting 1/8/2025) Day: Wednesday Time for ECON 182 students: 4:00pm–5:00pm Time for other UCSC students: 3:00pm–4:00pm Location By default office hours take place in my office. I am also available for virtual meetings upon request. Those take place in my Zoom room.\nMeeting material If we are meeting to discuss research, please send me a written description of the work that you would like to discus. Presentation slides or paper draft are perfectly fine. If you do not have those, please send a one-page description of the research. If we have already met in the past to discuss research, please send me an update on your work since our previous meeting. Include responses to each point on your to-do list from the previous meeting. Please send me the material by 8pm on the evening before our meeting. ",
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-  "dateModified": "2024-12-10T00:00:00Z",
+  "image": "https://pascalmichaillat.org/cover.png","datePublished": "2024-12-13T00:00:00Z",
+  "dateModified": "2024-12-13T00:00:00Z",
   "author":{
     "@type": "Person",
     "name": "Pascal Michaillat"
@@ -172,7 +172,7 @@ <h1 class="post-title entry-hint-parent">
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   </header> 
   <div class="post-content"><hr>
-<h4 id="schedule-for-winter-2024-starting-182025">Schedule for Winter 2024 (starting 1/8/2025)</h4>
+<h4 id="schedule-for-winter-2025-starting-182025">Schedule for Winter 2025 (starting 1/8/2025)</h4>
 <ul>
 <li>Day: Wednesday</li>
 <li>Time for ECON 182 students: 4:00pm–5:00pm</li>
diff --git a/public/papers/index.xml b/public/papers/index.xml
index 0960ca3d..c2262804 100644
--- a/public/papers/index.xml
+++ b/public/papers/index.xml
@@ -11,7 +11,7 @@
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       <title>Modeling Migration-Induced Unemployment</title>
diff --git a/public/sitemap.xml b/public/sitemap.xml
index 63e37e2c..ccc606ad 100644
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-    <loc>https://pascalmichaillat.org/tags/business-cycles/</loc>
-    <lastmod>2024-12-11T00:00:00+00:00</lastmod>
+    <loc>https://pascalmichaillat.org/tags/beveridge-curve/</loc>
+    <lastmod>2024-12-13T00:00:00+00:00</lastmod>
   </url><url>
     <loc>https://pascalmichaillat.org/courses/</loc>
-    <lastmod>2024-12-11T00:00:00+00:00</lastmod>
+    <lastmod>2024-12-13T00:00:00+00:00</lastmod>
   </url><url>
     <loc>https://pascalmichaillat.org/tags/dmp-model/</loc>
-    <lastmod>2024-12-11T00:00:00+00:00</lastmod>
+    <lastmod>2024-12-13T00:00:00+00:00</lastmod>
   </url><url>
     <loc>https://pascalmichaillat.org/tags/job-rationing/</loc>
-    <lastmod>2024-12-11T00:00:00+00:00</lastmod>
+    <lastmod>2024-12-13T00:00:00+00:00</lastmod>
   </url><url>
     <loc>https://pascalmichaillat.org/tags/labor-market-tightness/</loc>
-    <lastmod>2024-12-11T00:00:00+00:00</lastmod>
+    <lastmod>2024-12-13T00:00:00+00:00</lastmod>
   </url><url>
     <loc>https://pascalmichaillat.org/tags/matching-function/</loc>
-    <lastmod>2024-12-11T00:00:00+00:00</lastmod>
+    <lastmod>2024-12-13T00:00:00+00:00</lastmod>
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     <loc>https://pascalmichaillat.org/tags/matching-model/</loc>
-    <lastmod>2024-12-11T00:00:00+00:00</lastmod>
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   </url><url>
     <loc>https://pascalmichaillat.org/tags/public-employment/</loc>
-    <lastmod>2024-12-11T00:00:00+00:00</lastmod>
+    <lastmod>2024-12-13T00:00:00+00:00</lastmod>
+  </url><url>
+    <loc>https://pascalmichaillat.org/tags/shimer-puzzle/</loc>
+    <lastmod>2024-12-13T00:00:00+00:00</lastmod>
   </url><url>
     <loc>https://pascalmichaillat.org/tags/unemployment/</loc>
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     <loc>https://pascalmichaillat.org/tags/unemployment-insurance/</loc>
-    <lastmod>2024-12-11T00:00:00+00:00</lastmod>
+    <lastmod>2024-12-13T00:00:00+00:00</lastmod>
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     <loc>https://pascalmichaillat.org/tags/wage-rigidity/</loc>
-    <lastmod>2024-12-11T00:00:00+00:00</lastmod>
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   </url><url>
     <loc>https://pascalmichaillat.org/tags/borjas-card-controversy/</loc>
     <lastmod>2024-12-10T00:00:00+00:00</lastmod>
+  </url><url>
+    <loc>https://pascalmichaillat.org/tags/business-cycles/</loc>
+    <lastmod>2024-12-13T00:00:00+00:00</lastmod>
   </url><url>
     <loc>https://pascalmichaillat.org/tags/immigration-policy/</loc>
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     <loc>https://pascalmichaillat.org/tags/job-vacancies/</loc>
-    <lastmod>2024-12-06T00:00:00+00:00</lastmod>
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     <loc>https://pascalmichaillat.org/tags/recessions/</loc>
-    <lastmod>2024-12-06T00:00:00+00:00</lastmod>
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     <lastmod>2024-12-06T00:00:00+00:00</lastmod>
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     <loc>https://pascalmichaillat.org/1/</loc>
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     <loc>https://pascalmichaillat.org/tags/frictional-unemployment/</loc>
-    <lastmod>2024-10-01T00:00:00+00:00</lastmod>
+    <lastmod>2024-12-13T00:00:00+00:00</lastmod>
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     <loc>https://pascalmichaillat.org/tags/rationing-unemployment/</loc>
-    <lastmod>2024-10-01T00:00:00+00:00</lastmod>
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diff --git a/public/tags/beveridge-curve/index.html b/public/tags/beveridge-curve/index.html
index 13e959a4..3b96db1e 100644
--- a/public/tags/beveridge-curve/index.html
+++ b/public/tags/beveridge-curve/index.html
@@ -120,6 +120,18 @@ <h1>
   </h1>
 </header>
 
+<article class="post-entry tag-entry"> 
+  <header class="entry-header">
+    <h2 class="entry-hint-parent">Unemployment
+    </h2>
+  </header>
+  <div class="entry-content">
+    <p>This course presents a matching model of unemployment. It uses the model to study unemployment fluctuations; job rationing; efficient unemployment and unemployment gap; and labor market policies such as minimum wage, public employment, and unemployment insurance.</p>
+  </div>
+  <footer class="entry-footer"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <a class="entry-link" aria-label="post link to Unemployment" href="https://pascalmichaillat.org/c1/"></a>
+</article>
+
 <article class="post-entry tag-entry"> 
   <header class="entry-header">
     <h2 class="entry-hint-parent">Beveridgean Phillips Curve
diff --git a/public/tags/beveridge-curve/index.xml b/public/tags/beveridge-curve/index.xml
index eb752ec4..8fa26cd5 100644
--- a/public/tags/beveridge-curve/index.xml
+++ b/public/tags/beveridge-curve/index.xml
@@ -11,8 +11,15 @@
     </image>
     <generator>Hugo -- 0.135.0</generator>
     <language>en</language>
-    <lastBuildDate>Fri, 22 Nov 2024 00:00:00 +0000</lastBuildDate>
+    <lastBuildDate>Fri, 13 Dec 2024 00:00:00 +0000</lastBuildDate>
     <atom:link href="https://pascalmichaillat.org/tags/beveridge-curve/index.xml" rel="self" type="application/rss+xml" />
+    <item>
+      <title>Unemployment</title>
+      <link>https://pascalmichaillat.org/c1/</link>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
+      <guid>https://pascalmichaillat.org/c1/</guid>
+      <description>This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.</description>
+    </item>
     <item>
       <title>Beveridgean Phillips Curve</title>
       <link>https://pascalmichaillat.org/15/</link>
diff --git a/public/tags/business-cycles/index.html b/public/tags/business-cycles/index.html
index e65865e9..c369c38e 100644
--- a/public/tags/business-cycles/index.html
+++ b/public/tags/business-cycles/index.html
@@ -120,18 +120,6 @@ <h1>
   </h1>
 </header>
 
-<article class="post-entry tag-entry"> 
-  <header class="entry-header">
-    <h2 class="entry-hint-parent">Unemployment
-    </h2>
-  </header>
-  <div class="entry-content">
-    <p>This course presents a matching model of unemployment. It uses the model to study unemployment fluctuations; job rationing; efficient unemployment and unemployment gap; and labor market policies such as minimum wage, public employment, and unemployment insurance.</p>
-  </div>
-  <footer class="entry-footer"><span title='2024-12-11 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
-  <a class="entry-link" aria-label="post link to Unemployment" href="https://pascalmichaillat.org/c1/"></a>
-</article>
-
 <article class="post-entry tag-entry"> 
   <header class="entry-header">
     <h2 class="entry-hint-parent">Modeling Migration-Induced Unemployment
diff --git a/public/tags/business-cycles/index.xml b/public/tags/business-cycles/index.xml
index cc04e816..751431ce 100644
--- a/public/tags/business-cycles/index.xml
+++ b/public/tags/business-cycles/index.xml
@@ -11,15 +11,8 @@
     </image>
     <generator>Hugo -- 0.135.0</generator>
     <language>en</language>
-    <lastBuildDate>Wed, 11 Dec 2024 00:00:00 +0000</lastBuildDate>
+    <lastBuildDate>Fri, 13 Dec 2024 00:00:00 +0000</lastBuildDate>
     <atom:link href="https://pascalmichaillat.org/tags/business-cycles/index.xml" rel="self" type="application/rss+xml" />
-    <item>
-      <title>Unemployment</title>
-      <link>https://pascalmichaillat.org/c1/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
-      <guid>https://pascalmichaillat.org/c1/</guid>
-      <description>This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.</description>
-    </item>
     <item>
       <title>Modeling Migration-Induced Unemployment</title>
       <link>https://pascalmichaillat.org/14/</link>
diff --git a/public/tags/dmp-model/index.html b/public/tags/dmp-model/index.html
index 6815a8ad..dfceedbb 100644
--- a/public/tags/dmp-model/index.html
+++ b/public/tags/dmp-model/index.html
@@ -128,7 +128,7 @@ <h2 class="entry-hint-parent">Unemployment
   <div class="entry-content">
     <p>This course presents a matching model of unemployment. It uses the model to study unemployment fluctuations; job rationing; efficient unemployment and unemployment gap; and labor market policies such as minimum wage, public employment, and unemployment insurance.</p>
   </div>
-  <footer class="entry-footer"><span title='2024-12-11 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <footer class="entry-footer"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
   <a class="entry-link" aria-label="post link to Unemployment" href="https://pascalmichaillat.org/c1/"></a>
 </article>
 
diff --git a/public/tags/dmp-model/index.xml b/public/tags/dmp-model/index.xml
index 2854a051..6cb9830f 100644
--- a/public/tags/dmp-model/index.xml
+++ b/public/tags/dmp-model/index.xml
@@ -11,12 +11,12 @@
     </image>
     <generator>Hugo -- 0.135.0</generator>
     <language>en</language>
-    <lastBuildDate>Wed, 11 Dec 2024 00:00:00 +0000</lastBuildDate>
+    <lastBuildDate>Fri, 13 Dec 2024 00:00:00 +0000</lastBuildDate>
     <atom:link href="https://pascalmichaillat.org/tags/dmp-model/index.xml" rel="self" type="application/rss+xml" />
     <item>
       <title>Unemployment</title>
       <link>https://pascalmichaillat.org/c1/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/c1/</guid>
       <description>This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.</description>
     </item>
diff --git a/public/tags/frictional-unemployment/index.xml b/public/tags/frictional-unemployment/index.xml
index 85cfa80e..4cf79f86 100644
--- a/public/tags/frictional-unemployment/index.xml
+++ b/public/tags/frictional-unemployment/index.xml
@@ -11,7 +11,7 @@
     </image>
     <generator>Hugo -- 0.135.0</generator>
     <language>en</language>
-    <lastBuildDate>Tue, 01 Oct 2024 00:00:00 +0000</lastBuildDate>
+    <lastBuildDate>Fri, 13 Dec 2024 00:00:00 +0000</lastBuildDate>
     <atom:link href="https://pascalmichaillat.org/tags/frictional-unemployment/index.xml" rel="self" type="application/rss+xml" />
     <item>
       <title>Do Matching Frictions Explain Unemployment? Not in Bad Times</title>
diff --git a/public/tags/index.html b/public/tags/index.html
index d0e10f0f..e4844269 100644
--- a/public/tags/index.html
+++ b/public/tags/index.html
@@ -135,7 +135,7 @@
         <a href="https://pascalmichaillat.org/tags/benveniste-scheinkman-equation/">Benveniste-Scheinkman equation <sup><strong><sup>1</sup></strong></sup> </a>
     </li>
     <li>
-        <a href="https://pascalmichaillat.org/tags/beveridge-curve/">Beveridge curve <sup><strong><sup>5</sup></strong></sup> </a>
+        <a href="https://pascalmichaillat.org/tags/beveridge-curve/">Beveridge curve <sup><strong><sup>6</sup></strong></sup> </a>
     </li>
     <li>
         <a href="https://pascalmichaillat.org/tags/bonferroni-correction/">Bonferroni correction <sup><strong><sup>1</sup></strong></sup> </a>
@@ -144,7 +144,7 @@
         <a href="https://pascalmichaillat.org/tags/borjas-card-controversy/">Borjas-Card controversy <sup><strong><sup>1</sup></strong></sup> </a>
     </li>
     <li>
-        <a href="https://pascalmichaillat.org/tags/business-cycles/">business cycles <sup><strong><sup>11</sup></strong></sup> </a>
+        <a href="https://pascalmichaillat.org/tags/business-cycles/">business cycles <sup><strong><sup>10</sup></strong></sup> </a>
     </li>
     <li>
         <a href="https://pascalmichaillat.org/tags/corporate-greed/">corporate greed <sup><strong><sup>1</sup></strong></sup> </a>
@@ -389,6 +389,9 @@
     <li>
         <a href="https://pascalmichaillat.org/tags/scientific-revolutions/">scientific revolutions <sup><strong><sup>1</sup></strong></sup> </a>
     </li>
+    <li>
+        <a href="https://pascalmichaillat.org/tags/shimer-puzzle/">Shimer puzzle <sup><strong><sup>2</sup></strong></sup> </a>
+    </li>
     <li>
         <a href="https://pascalmichaillat.org/tags/social-status/">social status <sup><strong><sup>1</sup></strong></sup> </a>
     </li>
diff --git a/public/tags/index.xml b/public/tags/index.xml
index c00dfc58..2d653840 100644
--- a/public/tags/index.xml
+++ b/public/tags/index.xml
@@ -11,75 +11,82 @@
     </image>
     <generator>Hugo -- 0.135.0</generator>
     <language>en</language>
-    <lastBuildDate>Wed, 11 Dec 2024 00:00:00 +0000</lastBuildDate>
+    <lastBuildDate>Fri, 13 Dec 2024 00:00:00 +0000</lastBuildDate>
     <atom:link href="https://pascalmichaillat.org/tags/index.xml" rel="self" type="application/rss+xml" />
     <item>
-      <title>business cycles</title>
-      <link>https://pascalmichaillat.org/tags/business-cycles/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
-      <guid>https://pascalmichaillat.org/tags/business-cycles/</guid>
+      <title>Beveridge curve</title>
+      <link>https://pascalmichaillat.org/tags/beveridge-curve/</link>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
+      <guid>https://pascalmichaillat.org/tags/beveridge-curve/</guid>
       <description></description>
     </item>
     <item>
       <title>DMP model</title>
       <link>https://pascalmichaillat.org/tags/dmp-model/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/tags/dmp-model/</guid>
       <description></description>
     </item>
     <item>
       <title>job rationing</title>
       <link>https://pascalmichaillat.org/tags/job-rationing/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/tags/job-rationing/</guid>
       <description></description>
     </item>
     <item>
       <title>labor-market tightness</title>
       <link>https://pascalmichaillat.org/tags/labor-market-tightness/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/tags/labor-market-tightness/</guid>
       <description></description>
     </item>
     <item>
       <title>matching function</title>
       <link>https://pascalmichaillat.org/tags/matching-function/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/tags/matching-function/</guid>
       <description></description>
     </item>
     <item>
       <title>matching model</title>
       <link>https://pascalmichaillat.org/tags/matching-model/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/tags/matching-model/</guid>
       <description></description>
     </item>
     <item>
       <title>public employment</title>
       <link>https://pascalmichaillat.org/tags/public-employment/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/tags/public-employment/</guid>
       <description></description>
     </item>
+    <item>
+      <title>Shimer puzzle</title>
+      <link>https://pascalmichaillat.org/tags/shimer-puzzle/</link>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
+      <guid>https://pascalmichaillat.org/tags/shimer-puzzle/</guid>
+      <description></description>
+    </item>
     <item>
       <title>unemployment</title>
       <link>https://pascalmichaillat.org/tags/unemployment/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/tags/unemployment/</guid>
       <description></description>
     </item>
     <item>
       <title>unemployment insurance</title>
       <link>https://pascalmichaillat.org/tags/unemployment-insurance/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/tags/unemployment-insurance/</guid>
       <description></description>
     </item>
     <item>
       <title>wage rigidity</title>
       <link>https://pascalmichaillat.org/tags/wage-rigidity/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/tags/wage-rigidity/</guid>
       <description></description>
     </item>
@@ -90,6 +97,13 @@
       <guid>https://pascalmichaillat.org/tags/borjas-card-controversy/</guid>
       <description></description>
     </item>
+    <item>
+      <title>business cycles</title>
+      <link>https://pascalmichaillat.org/tags/business-cycles/</link>
+      <pubDate>Tue, 10 Dec 2024 00:00:00 +0000</pubDate>
+      <guid>https://pascalmichaillat.org/tags/business-cycles/</guid>
+      <description></description>
+    </item>
     <item>
       <title>immigration policy</title>
       <link>https://pascalmichaillat.org/tags/immigration-policy/</link>
@@ -118,13 +132,6 @@
       <guid>https://pascalmichaillat.org/tags/state-dependence/</guid>
       <description></description>
     </item>
-    <item>
-      <title>Beveridge curve</title>
-      <link>https://pascalmichaillat.org/tags/beveridge-curve/</link>
-      <pubDate>Fri, 25 Oct 2024 00:00:00 +0000</pubDate>
-      <guid>https://pascalmichaillat.org/tags/beveridge-curve/</guid>
-      <description></description>
-    </item>
     <item>
       <title>directed search</title>
       <link>https://pascalmichaillat.org/tags/directed-search/</link>
diff --git a/public/tags/job-rationing/index.html b/public/tags/job-rationing/index.html
index 09f6737a..9b538f67 100644
--- a/public/tags/job-rationing/index.html
+++ b/public/tags/job-rationing/index.html
@@ -128,7 +128,7 @@ <h2 class="entry-hint-parent">Unemployment
   <div class="entry-content">
     <p>This course presents a matching model of unemployment. It uses the model to study unemployment fluctuations; job rationing; efficient unemployment and unemployment gap; and labor market policies such as minimum wage, public employment, and unemployment insurance.</p>
   </div>
-  <footer class="entry-footer"><span title='2024-12-11 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <footer class="entry-footer"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
   <a class="entry-link" aria-label="post link to Unemployment" href="https://pascalmichaillat.org/c1/"></a>
 </article>
 
diff --git a/public/tags/job-rationing/index.xml b/public/tags/job-rationing/index.xml
index 8c1574ed..2f2bbc74 100644
--- a/public/tags/job-rationing/index.xml
+++ b/public/tags/job-rationing/index.xml
@@ -11,12 +11,12 @@
     </image>
     <generator>Hugo -- 0.135.0</generator>
     <language>en</language>
-    <lastBuildDate>Wed, 11 Dec 2024 00:00:00 +0000</lastBuildDate>
+    <lastBuildDate>Fri, 13 Dec 2024 00:00:00 +0000</lastBuildDate>
     <atom:link href="https://pascalmichaillat.org/tags/job-rationing/index.xml" rel="self" type="application/rss+xml" />
     <item>
       <title>Unemployment</title>
       <link>https://pascalmichaillat.org/c1/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/c1/</guid>
       <description>This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.</description>
     </item>
diff --git a/public/tags/job-vacancies/index.xml b/public/tags/job-vacancies/index.xml
index 507fb2fe..49eb1498 100644
--- a/public/tags/job-vacancies/index.xml
+++ b/public/tags/job-vacancies/index.xml
@@ -11,7 +11,7 @@
     </image>
     <generator>Hugo -- 0.135.0</generator>
     <language>en</language>
-    <lastBuildDate>Fri, 06 Dec 2024 00:00:00 +0000</lastBuildDate>
+    <lastBuildDate>Fri, 13 Dec 2024 00:00:00 +0000</lastBuildDate>
     <atom:link href="https://pascalmichaillat.org/tags/job-vacancies/index.xml" rel="self" type="application/rss+xml" />
     <item>
       <title>u* = √uv: The Full-Employment Rate of Unemployment in the United States</title>
diff --git a/public/tags/labor-market-tightness/index.html b/public/tags/labor-market-tightness/index.html
index d8d14412..01f815ae 100644
--- a/public/tags/labor-market-tightness/index.html
+++ b/public/tags/labor-market-tightness/index.html
@@ -128,7 +128,7 @@ <h2 class="entry-hint-parent">Unemployment
   <div class="entry-content">
     <p>This course presents a matching model of unemployment. It uses the model to study unemployment fluctuations; job rationing; efficient unemployment and unemployment gap; and labor market policies such as minimum wage, public employment, and unemployment insurance.</p>
   </div>
-  <footer class="entry-footer"><span title='2024-12-11 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <footer class="entry-footer"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
   <a class="entry-link" aria-label="post link to Unemployment" href="https://pascalmichaillat.org/c1/"></a>
 </article>
 
diff --git a/public/tags/labor-market-tightness/index.xml b/public/tags/labor-market-tightness/index.xml
index 96aa3ed3..53412d94 100644
--- a/public/tags/labor-market-tightness/index.xml
+++ b/public/tags/labor-market-tightness/index.xml
@@ -11,12 +11,12 @@
     </image>
     <generator>Hugo -- 0.135.0</generator>
     <language>en</language>
-    <lastBuildDate>Wed, 11 Dec 2024 00:00:00 +0000</lastBuildDate>
+    <lastBuildDate>Fri, 13 Dec 2024 00:00:00 +0000</lastBuildDate>
     <atom:link href="https://pascalmichaillat.org/tags/labor-market-tightness/index.xml" rel="self" type="application/rss+xml" />
     <item>
       <title>Unemployment</title>
       <link>https://pascalmichaillat.org/c1/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/c1/</guid>
       <description>This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.</description>
     </item>
diff --git a/public/tags/matching-function/index.html b/public/tags/matching-function/index.html
index 9f6affdc..97586c50 100644
--- a/public/tags/matching-function/index.html
+++ b/public/tags/matching-function/index.html
@@ -128,7 +128,7 @@ <h2 class="entry-hint-parent">Unemployment
   <div class="entry-content">
     <p>This course presents a matching model of unemployment. It uses the model to study unemployment fluctuations; job rationing; efficient unemployment and unemployment gap; and labor market policies such as minimum wage, public employment, and unemployment insurance.</p>
   </div>
-  <footer class="entry-footer"><span title='2024-12-11 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <footer class="entry-footer"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
   <a class="entry-link" aria-label="post link to Unemployment" href="https://pascalmichaillat.org/c1/"></a>
 </article>
 
diff --git a/public/tags/matching-function/index.xml b/public/tags/matching-function/index.xml
index b5787714..8bed83a3 100644
--- a/public/tags/matching-function/index.xml
+++ b/public/tags/matching-function/index.xml
@@ -11,12 +11,12 @@
     </image>
     <generator>Hugo -- 0.135.0</generator>
     <language>en</language>
-    <lastBuildDate>Wed, 11 Dec 2024 00:00:00 +0000</lastBuildDate>
+    <lastBuildDate>Fri, 13 Dec 2024 00:00:00 +0000</lastBuildDate>
     <atom:link href="https://pascalmichaillat.org/tags/matching-function/index.xml" rel="self" type="application/rss+xml" />
     <item>
       <title>Unemployment</title>
       <link>https://pascalmichaillat.org/c1/</link>
-      <pubDate>Wed, 11 Dec 2024 00:00:00 +0000</pubDate>
+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
       <guid>https://pascalmichaillat.org/c1/</guid>
       <description>This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.</description>
     </item>
diff --git a/public/tags/matching-model/index.html b/public/tags/matching-model/index.html
index 6ae003e9..df60dbb1 100644
--- a/public/tags/matching-model/index.html
+++ b/public/tags/matching-model/index.html
@@ -128,7 +128,7 @@ <h2 class="entry-hint-parent">Unemployment
   <div class="entry-content">
     <p>This course presents a matching model of unemployment. It uses the model to study unemployment fluctuations; job rationing; efficient unemployment and unemployment gap; and labor market policies such as minimum wage, public employment, and unemployment insurance.</p>
   </div>
-  <footer class="entry-footer"><span title='2024-12-11 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <footer class="entry-footer"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
   <a class="entry-link" aria-label="post link to Unemployment" href="https://pascalmichaillat.org/c1/"></a>
 </article>
 
diff --git a/public/tags/matching-model/index.xml b/public/tags/matching-model/index.xml
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       <description>This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.</description>
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index ca8c76ce..9f259a2d 100644
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-  <footer class="entry-footer"><span title='2024-12-11 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <footer class="entry-footer"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
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       <description>This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.</description>
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diff --git a/public/tags/recessions/index.xml b/public/tags/recessions/index.xml
index e4218e8f..87d497ba 100644
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+            <a href="https://pascalmichaillat.org/" accesskey="h">
+                <img src="https://pascalmichaillat.org/favicon.ico" alt="logo" aria-label="logo"
+                    height="18"
+                    width="18">Pascal Michaillat</a>
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+    <svg xmlns="http://www.w3.org/2000/svg" width="22" height="22" stroke-width="2" fill="currentColor" class="bi bi-tag" viewBox="0 0 16 14"> <path d="M6 4.5a1.5 1.5 0 1 1-3 0 1.5 1.5 0 0 1 3 0zm-1 0a.5.5 0 1 0-1 0 .5.5 0 0 0 1 0z"/> <path d="M2 1h4.586a1 1 0 0 1 .707.293l7 7a1 1 0 0 1 0 1.414l-4.586 4.586a1 1 0 0 1-1.414 0l-7-7A1 1 0 0 1 1 6.586V2a1 1 0 0 1 1-1zm0 5.586 7 7L13.586 9l-7-7H2v4.586z"/> </svg>&nbsp; Shimer puzzle
+  </h1>
+</header>
+
+<article class="post-entry tag-entry"> 
+  <header class="entry-header">
+    <h2 class="entry-hint-parent">Unemployment
+    </h2>
+  </header>
+  <div class="entry-content">
+    <p>This course presents a matching model of unemployment. It uses the model to study unemployment fluctuations; job rationing; efficient unemployment and unemployment gap; and labor market policies such as minimum wage, public employment, and unemployment insurance.</p>
+  </div>
+  <footer class="entry-footer"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <a class="entry-link" aria-label="post link to Unemployment" href="https://pascalmichaillat.org/c1/"></a>
+</article>
+
+<article class="post-entry tag-entry"> 
+  <header class="entry-header">
+    <h2 class="entry-hint-parent">Do Matching Frictions Explain Unemployment? Not in Bad Times
+    </h2>
+  </header>
+  <div class="entry-content">
+    <p>This paper proposes a matching model of the labor market with job rationing: unemployment does not disappear in the absence of matching frictions. In recessions, job rationing drives the rise of unemployment, whereas matching frictions contribute little to it.</p>
+  </div>
+  <footer class="entry-footer"><span title='2012-06-01 00:00:00 +0000 UTC'>June 2012</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <a class="entry-link" aria-label="post link to Do Matching Frictions Explain Unemployment? Not in Bad Times" href="https://pascalmichaillat.org/1/"></a>
+</article>
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diff --git a/public/tags/shimer-puzzle/index.xml b/public/tags/shimer-puzzle/index.xml
new file mode 100644
index 00000000..c681cf2b
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+      <title>Pascal Michaillat</title>
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+      <pubDate>Fri, 13 Dec 2024 00:00:00 +0000</pubDate>
+      <guid>https://pascalmichaillat.org/c1/</guid>
+      <description>This course presents a matching model of unemployment and uses it to study unemployment fluctuations, efficient unemployment, and labor market policies.</description>
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+    <item>
+      <title>Do Matching Frictions Explain Unemployment? Not in Bad Times</title>
+      <link>https://pascalmichaillat.org/1/</link>
+      <pubDate>Fri, 01 Jun 2012 00:00:00 +0000</pubDate>
+      <guid>https://pascalmichaillat.org/1/</guid>
+      <description>This paper proposes a matching model of the labor market with job rationing: unemployment persists even without matching frictions. Published in AER, 2012.</description>
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diff --git a/public/tags/unemployment-insurance/index.html b/public/tags/unemployment-insurance/index.html
index faead3b6..a78e2666 100644
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   </div>
-  <footer class="entry-footer"><span title='2024-12-11 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <footer class="entry-footer"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
   <a class="entry-link" aria-label="post link to Unemployment" href="https://pascalmichaillat.org/c1/"></a>
 </article>
 
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-  <footer class="entry-footer"><span title='2024-12-11 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <footer class="entry-footer"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
   <a class="entry-link" aria-label="post link to Unemployment" href="https://pascalmichaillat.org/c1/"></a>
 </article>
 
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index 4e472de2..a8705b99 100644
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-  <footer class="entry-footer"><span title='2024-12-11 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
+  <footer class="entry-footer"><span title='2024-12-13 00:00:00 +0000 UTC'>December 2024</span>&nbsp;&middot;&nbsp;Pascal Michaillat</footer>
   <a class="entry-link" aria-label="post link to Unemployment" href="https://pascalmichaillat.org/c1/"></a>
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