assess whether New Keynesian Economics captures the quintessential features stressed by J.M. Keynes. Particular attention is … paid to Keynesian features omitted in New Keynesian workhorses such as the micro-founded Keynesian multiplier and the New …. Furthermore, they fail to allow for quantity rationing and to model unemployment as a catastrophic event. The macroeconomics based …

thus decreases equilibrium unemployment. Though trade union members may be worse off as a consequence of workfare …

, with the result that too few hires are made in bad states of the world. Unemployment is involuntary. In an extension to the …

unemployment. Utilizing this framework, the paper provides different empirical identification strategies in order to disentangle … the various means through which unemployment alters both the well-being and utility of an individual and shows, by … reviewing some of the recent research in which I have participated, that unemployment primarily threatens an individual …

involuntary unemployment and by allowing for labour taxation as a second source of public funds. For a large class of production …