Ying Feng, David Lagakos, James Rauch.
A new data set based on household surveys shows that unemployment is largely a feature of advanced economies, particularly for low-skill workers. Studies of differences in average unemployment rates across countries have focused almost entirely on comparisons between Western Europe and the US. This is for good reason, of course, as Europe-US unemployment gaps are well known to be large and persistent. Countries like Spain and Ireland have had unemployment rates north of 12% for decades running, while the US has averaged around 6% since the end of World War II (e.g. Nickell 1997).