We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine …-Mortensen-Pissarides model, with its focus on labor market frictions and unemployment. In developing this model, we proceed in two steps. We … effect on unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage …

A number of authors have recently emphasized that the conventional model of unemployment dynamics due to Mortensen and …

We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine …-Mortensen-Pissarides model, with its focus on labor market frictions and unemployment. In developing this model, we proceed in two steps. We … effect on unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage …

A number of authors have recently emphasized that the conventional model of unemployment dynamics due to Mortensen and …

unemployment risk. We present measures of the size of these shocks and discuss what a benchmark theory says about their immediate … wealth shocks and unemployment fears. Our short-term forecast calls for somewhat weaker spending, and somewhat higher saving …

important source of uncertainty is the relationship between inflation and unemployment. This paper studies the optimal monetary … policy in the presence of uncertainty about the natural unemployment rate, the short-run inflation-unemployment tradeoff and …

important source of uncertainty is the relationship between inflation and unemployment. This paper studies the optimal monetary … policy in the presence of uncertainty about the natural unemployment rate, the short-run inflation-unemployment tradeoff and …