I develop a version of the New Keynesian model with insider-outsider labor markets and hysteresis that can account for … the high persistence of European unemployment. I study the implications of that environment for the design of monetary … policy. The optimal policy calls for strong emphasis on (un)employment stabilization which a standard interest rate rule …

-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …

's mandate-consistent rate and the latter's target, respectively, and their unemployment forecasts were above sustainable rates …

A search and matching model, when calibrated to the mean and volatility of unemployment in the postwar sample, can … potentially explain the large unemployment dynamics in the Great Depression. The limited response of wages to labor market … conditions from credible bargaining and the congestion externality from matching frictions cause the unemployment rate to rise …

facts observed in the data. First, the land price and the unemployment rate tend to move in opposite directions over the … business cycle. Second, a shock that moves the land price is capable of generating large volatility in unemployment. Our … estimation indicates that a 10 percent drop in the land price leads to a 0.34 percentage point increase of the unemployment rate …

We adopt a time series approach to investigate the historical relation between unemployment, life expectancy, and … estimate the size of the COVID-19-related unemployment shock to be between 2 and 5 times larger than the typical unemployment …

rigidity makes the economy prone to involuntary unemployment during external crises. This paper presents a graphical analysis …

which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model …

model labor market frictions and unemployment explicitly. The present paper describes some of the essential ingredients and …

This paper describes a new data set of the forecasts of output growth, inflation, and unemployment prepared by …