A professor at the University of Chicago, Steven Davis, writes on Bloomberg: "The extension of unemployment benefits eligibility to 99 weeks under the American Recovery and Reinvestment Act of 2009 lessened the financial incentives for job losers to search for work and to accept positions with low pay. It also increased the number of unemployed in name only -- those who go through the motions of job seeking to collect unemployment benefits, but who would have left the labor force absent the extension."
Link via Professor Mankiw.
