policy in explaining the movements of the unemployment rate? The paper develops the theory and seeks to ask how much non …This paper builds upon Hoon and Phelps (1992, 1997) to ask how much of the evolution of the unemployment rate over … the evolution of unemployment rates in Europe as it recovered from the second world war and caught up technologically to …

OECD unemployment rates show long swings which dominate shorter business cycle components and these long swings show a … unemployment by the first principal component. This factor has a natural interpretation as a measure of global expected returns … estimate a model of unemployment adjustment, which allows for the influence both of the global factor and of labour market …

and matching unemployment. We show that trend growth in itself does not generate a trade-off for the monetary authority …

labor market and skill obsolescence from long-term unemployment. The model can account for key features of the Great … aggregate demand raises unemployment and the training costs associated with skill obsolescence. Lower employment hinders …

) training costs due to skill loss from long-term unemployment and (ii) endogenous growth through learning-by-doing externalities …

unemployment. The optimal policy response to the efficient labor market shock changes when real wages are sticky but remains …

real wage rigidities. -- Monetary policy ; real wage rigidity ; labor turnover costs ; unemployment ; tradeoff …

and Galí (2006, 2008) New-Keynesian model of inflation and unemployment, where labor market frictions due to costs of … policy rules based on current period inflation and unemployment our results are similar to those of Bullard and Mitra (2002 … explaining unemployment instability. Under lagged data based rules the area where monetary policy delivers both determinacy and E …

. We use a New Keynesian model with unemployment to predict the effects of different labor market institutions on … theory. Real wage rigidities do not seem to play much of a role. This result is in line with our employed labor market model … ; macroeconomic volatility ; monetary policy ; firing costs ; unemployment benefits ; replacement rate …