and the unemployment rate in U.S. data since 1929. Second, it compares a new model of the economy developed in recent … fiscal stimulus will not permanently restore full employment. In Farmer’s model, as in the Keynesian model, employment is …

which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model …

This paper uses a model with a continuum of equilibrium unemployment rates to explore the effectiveness of fiscal … situation of bilateral monopoly. Using this framework, I explain the current financial crisis as a shift to a high unemployment …

a permanent reduction in wealth and consumption and a permanent increase in the unemployment rate. My work suggests that …This paper develops a rational expectations model with multiple equilibrium unemployment rates where the price of …

unemployment rate. I show that the connection between changes in the stock market and changes in the unemployment rate has remained … unemployment. …

Central banks throughout the world predict inflation with new-Keynesian models where, after a shock, the unemployment …

return to one of the most important ideas to emerge from Keynes’ (1936) General Theory; that high involuntary unemployment …