particular, it provides a natural interpretation for the dynamic inflation--unemployment relation found in the data …

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

We construct a utility-based model of fluctuations, with nominal rigidities and unemployment, and draw its implications … for the unemployment-inflation tradeoff and for the conduct of monetary policy.lt;brgt;lt;brgt;We proceed in two steps. We … effect on unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage …

The unemployment rate in the euro area appears to contain a significant nonstationary component, suggesting that some … Keynesian model with unemployment, and assess their empirical relevance …