actions of consumers. In such an environment complete insurance is not obtainable and consumers respond by holding some of …

This paper develops a simple framework for examining human capital accumulation, unemployment, and relative wages in a …, technical change, and a productivity slowdown. We derive the consequences for the skilled-to unskilled wage gap, unemployment …

despite declines in unemployment rates. For the United States, these seemingly contradictory developments have been reconciled … natural unemployment rate (NAIRU), and (3) improved credibility of monetary policy. Here we ask whether comparable factors … between inflation, the unemployment rate, and structural factors using an extended Phillips curve model with quarterly data …