-term unemployment rates, leading to the need to reform labour market institutions and make them more flexible. Flexible labour markets … employment and unemployment) but also to reduce the negative impacts on labour market of structural shocks. If we focus on the …, the countries with the best results in terms of unemployment and employment would have been those that had a more flexible …

' PC (relating the level of the inflation rate, not the change in this rate, to the rate of unemployment); and the …

The natural rate hypothesis states that there exists an unemployment rate at which inflation is stable, and that this … unemployment rate is independent of aggregate demand shocks. The hysteresis hypothesis, in contrast, states that the long run … unemployment rate can be affected by aggregate demand shocks. While policy makers have warned of the risk of hysteresis since the …

labor market institutions: accordingly, long-run employment can either be wage-led or profit-led. We then test the model …

the existing "pressure balance" approach. The model generates Phillips styled inflation - unemployment dynamics that are a …

distribution and how income distribution and institutions interacted to generate financial imbalances in different sectors of the …

This paper argues for broadening the application of hysteresis to institutions, policy lockin, psychology, identity …

Post Keynesian (PK) growth models typically fail to model unemployment. That shows up in the absence of any equilibrium … or exploding unemployment rate. The underlying analytical problem is failure to resolve the Harrod (1939) knife edge …