This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth" describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …

The aim of this paper is to analyze and estimate salient characteristics of unemployment dynamics. Movements in … unemployment are viewed as ‘ ‘ chain reactions’’ of responses to labor market shocks, working their way through systems of … interacting lagged adjustment processes. In the context of estimated labor market systems for Germany, the UK, and the US, we …

We explore the implications of replacing current unemployment benefit (UB) systems by unemployment accounts (UA). Under … the UA system, employed people would be required to make ongoing contributions to their unemployment accounts, and the … balances in these accounts would then be available to them during periods of unemployment. The government would be able to …

costs influence insider wages and outsiders’ opportunities and how these costs affect employment and unemployment. We also … address the more complex, and open, question of how employment and unemployment move through time, in response to labor market …