摘要：Spanish unemployment is characterized by three distinct regimes of low, medium, and
high unemployment and by a fast transition between them. This paper presents a simple nonlinear
dynamic model that is able to explain this behavior with multiple equilibria and jumps describing the
transition between equilibria. The model has only a small number of parameters capturing the
fundamentals of labor markets and macroeconomic and institutional factors. The model is capable
of generating unemployment dynamics that encompass the “unique” natural rate
hypothesis, the structuralist hypothesis, and the hysteresis hypothesis.
