We propose a monetary model in which the unemployed satisfy the official US definition of unemployment: they are people ….e., unemployment is 'involuntary'). We integrate our model of involuntary unemployment into the simple New Keynesian framework with no … capital and use the resulting model to discuss the concept of the 'non-accelerating inflation rate of unemployment'. We then …

Following Phillip's original work on the UK, applied research on unemployment and wages has been dominated by the … rate of unemployment. This 'wage curve' is found to have an elasticity of approximately -0.1. Contrary to the Phillips …

This paper, which follows in an LSE tradition begun by Phillips and Sargan, examines the role of unemployment in … a variety of data sets as a check on the robustness of results, and 3) studies the effects of unemployment on the real … curve. The curve has a negative gradient at low levels of unemployment, but becomes horizontal at relatively high levels of …

unemployment benefits …