In the most widely analyzed type of efficiency wage model of involuntary unemployment, firms pay wages in excess of … equilibrium unemployment act as a worker discipline device. This paper concerns what is usually considered the most important … involuntary unemployment. Explicit upfront bonds are only quite rarely observed. A more subtle form of the bonding critique argues …

We propose a monetary model in which the unemployed satisfy the official US definition of unemployment: they are people ….e., unemployment is 'involuntary'). We integrate our model of involuntary unemployment into the simple New Keynesian framework with no … capital and use the resulting model to discuss the concept of the 'non-accelerating inflation rate of unemployment'. We then …

unemployment …

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 …

We explore the response of employment (unemployment) skill differentials to skill-biased shifts in demand touched off … by the new and spreading technologies. We find that skill differentials in unemployment follow at least in part the same … differences defined by technology. In the aggregate time series relative unemployment is defined by educational unemployment …

The recent European experience of high persistent unemployment has led to the development of theories of unemployment … hysteresis embodying the idea that the equilibrium unemployment rate depends on the history of the actual unemployment rate. This …

European unemployment has been steadily increasing for the last 15 years and is …equilibrium unemployment. We then confront the theory to both the detailed facts of …insiders and firms, shocks which affect actual unemployment tend also to affect …

This paper develops a model of unemployment rate dynamics that provides an explanation of persistent cyclical … unemployment that does not involve persistent expectational errors or other nonoptimizing behavior. Our results are based on the … comprise the bulk of normal unemployment and a larger group of low turnover individuals who dominate movements in cyclical …