setting mechanisms for fluctuations in unemployment. We show the role of labor market frictions and real wage rigidities in … unemployment stabilization, and its dependence on labor market characteristics. We draw the implications for optimal monetary …We construct a utility-based model of fluctuations, with nominal rigidities and unemployment, and draw its implications …

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 …

. In the context of such a model, we introduce a measure of unemployment and analyze its equilibrium behavior. We show that … a calibrated version of the model is capable of generating both a procyclical labor supply and a countercyclical … unemployment rate, in a way qualitatively consistent with the evidence. The model stresses the role of countercyclical markups in …

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 …

inflation and unemployment. Under some assumptions, that relation takes a form similar to that found in empirical applications … unemployment rate in the U.S. economy, even under the strong assumption of a constant natural rate of unemployment …