fundamental role in shaping unemployment movements. Thisrole has generally been examined by considering indirect transmission …-equation unemployment rate models... …

On both theoretical and empirical grounds, this paper provides evidence that refutes the natural rate of unemployment … (NRU) hypothesis as an explanation of the evolution of regional disparities in the unemployment rate. We first present our … analytical framework, which follows the chain reaction theory (CRT) of unemployment and argues that (i) a system of interactive …

, and unemployment arising from the decline of the tradable sector …

causes of the unemployment upturn in 1973-1983 and the subsequent decline in 1993-2006. Our results show that (i) the main … determinants of the unemployment rise in the 1970s and early 1980s were wage-push factors, the two oil price shocks and the … increase in interest rates, and (ii) the acceleration in capital accumulation was the crucial driving force of unemployment in …

fundamental role in shaping unemployment movements. This role has generally been examined by considering indirect transmission … channels of the capital stock effects, i.e. using variables like interest rates or investment ratios in the estimation of … single-equation unemployment rate models. Here we advocate a different approach. We directly estimate the effects of capital …

The evolution of Spanish unemployment has been quite idiosyncratic. The full employment levels of the early seventies … were followed by unemployment rates that were the highest within the OECD countries in the aftermath of the oil price … shocks. While unemployment was extremely persistent in most of the eighties and nineties, it experienced its sharpest decline …

the PC and explain the evolution of inflation and unemployment in the US from 1970 to 2006. Since our empirical …-run. Furthermore, during the stagflating 70s, the productivity slowdown contributed substantially to the increases in both unemployment … unemployment rate …

chain reactions, and provides new evidence on the long-run inflation-unemployment tradeoff in the US. It is argued that … inflation/unemployment responses to money growth shocks. SVAR (structural vector autoregression) and GMM (generalised method of … and real sides of the economy are symbiotic. In the light of the significant and robust long-run inflation-unemployment …