growth is exogenously determined, we show that in the initial stages of transition unemployment will rise over time. After a … critical stage in the transition process, restructuring is accompanied by a decline in unemployment. When growth is … is determined by the level of human capital in the private sector and the rate of unemployment. The effects of various …

We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory … generates two main predictions: long-run unemployment increases with (i) a fall in long-run productivity growth and (ii) a rise …-run unemployment over the 1980s and its rise during the late 2000s. …