This note gives a brief survey of main theoretical and empirical issues with respect to the NAIRU concept. According to modern labour market literature NAIRU is defined as the rate of unemployment at which inflation stabilizes in the absence of any wage-price surprises. Conventional thinking...

Austria is among the very few countries in the European Union which have managed to maintain comparatively low unemployment rates and high employment rates. In international comparison Austrian unemployment is very stable over the business cycle. This is mainly due to the high sensitivity of the...

The paper attempts to establish a few stylised facts about Euroland's labour market given the increasing importance of smoothly functioning markets in the EMU. We assemble econometric evidence regarding labour demand behaviour, wage-setting mechanisms and the cyclicality of unemployment in...