We propose that the natural rate of unemployment has an active role in the business cycle, in contrast to the … Phillips-curve framework of low---often extremely low---response of inflation to unemployment could be the result of fairly … most Phillips-curve studies, that conclude that inflation has little relation to unemployment. We suggest that the flat …

The Great Recession tested the ability of the "great U.S. jobs machine" to limit the severity of unemployment in a … live up to expectations. The level and duration of unemployment increased substantially in the downturn and the growth of …

This paper studies the dynamics of unemployment (u) and its natural rate (u*), with u* measured by real-time estimates …

In this paper, a theory of the natural or equilibrium rate of unemployment is built around a theory of the duration of … a minority are on temporary layoff or have just entered the labor force. Thus, high-unemployment labor markets are … efficient. The factors influencing the resulting natural unemployment rate are discussed. Under plausible assumptions, the …

of unemployment. It is this body of work we assess in this paper. We reach two main conclusions. First, there has been … think for example about the relation between technological progrss and unemployment. Second, empirical knowledge lags behind … countries. We look at two issues, the relation of wages to unemployment, and the risk of European unemployment …

This paper investigates the precision of conventional and unconventional estimates of the natural rate of unemployment … series for unemployment and inflation, including additional supply shift variables in the Phillips curve, using monthly or …

, 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 …

despite substantial volatility of the unemployment rate, and in particular the common tendency of PC inflation equations to … the natural rate of unemployment (or NAIRU), and thus the Fed is steering the economy in a fog with no navigational device … to determine the size of the unemployment gap, one of the two primary goals of its "dual mandate." The results of this …