-run concept like the natural rate of unemployment. We examine what effect uncertainty has on the use of NAIRU in policy …

examine U.S. time series and find that, as the model predicts, unemployment fluctuations are associated with both inflation …

adjustment costs can cause a mean-preserving increase in unemployment risk to lead to increased consumption. The predictions of … risk as their unemployment shocks are more highly correlated. Such couples spend more on owner-occupied housing than other … higher moving costs, or when unemployment insurance provides a less generous safety net …

model labor market frictions and unemployment explicitly. The present paper describes some of the essential ingredients and …

This paper presents a theory of the monetary transmission mechanism in a monetary version of Farmer's (2009) model in … which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model …

rigidity makes the economy prone to involuntary unemployment during external crises. This paper presents a graphical analysis …

of unemployment" as the unemployment rate consistent with a constant rate of inflation in a hypothetical state having no … relative unemployment rates. Other higher estimates of the natural unemployment rate, close to 7 percent in 1980, result from …

, the natural rate of unemployment is independent of monetary policy. Second, there is no long-run trade-off between the … deviation of unemployment from the natural rate and inflation. Both propositions have been challenged. The paper reviews the …