unemployment, Keynes emphasis on relative wages has not been reflected in most contemporary discussions. This short paper suggests … available apparatus for understanding actual unemployment and its fluctuations. Such theories are very closely related to the …

model. Their PC was vertical in the long run at the natural unemployment rate, and their short-run curve shifted up whenever … unemployment was pushed below the natural rate. This paper criticizes the underlying assumption of the Friedman-Phelps approach … that the labor market continuously clears and that changes in unemployment down or up occur only in response to "fooling …

Factor supply increases (depresses) output for many of the same reasons that the government spending multiplier might …" and suggest that the government spending multiplier is less than one, even during the recession …

wages; in a fairly broad class of simple models, the multiplier is 1 in the case that the monetary authority maintains a … constant path for real interest rates. The multiplier can be considerably smaller, however, if the monetary authority raises … multiplier is especially plausible when monetary policy is constrained by the zero lower bound on nominal interest rates; in such …

We propose that the natural rate of unemployment has an active role in the business cycle, in contrast to the … Phillips-curve framework of low---often extremely low---response of inflation to unemployment could be the result of fairly … most Phillips-curve studies, that conclude that inflation has little relation to unemployment. We suggest that the flat …

This paper studies how the thick market effect influences local unemployment rate fluctuations. The paper presents a … fluctuations in the local unemployment rates. Since larger cities attain the critical market size more frequently, they have … shorter unemployment cycles, lower peak unemployment rates, and lower mean unemployment rates. Our empirical tests are …

a burst of layoffs. Unemployment rises because jobs are hard to find, not because an unusual number of people are thrown … into unemployment …

This paper develops a model of unemployment fluctuations. The model keeps the architecture of the general … affects unemployment: with a higher aggregate demand, firms find more customers; this reduces the idle time of their employees … and thus increases their labor demand; and this reduces unemployment. We combine the predictions of the model and …