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 …

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 …

We reformulate the Smets-Wouters (2007) framework by embedding the theory of unemployment proposed in Galí (2011a …,b). We estimate the resulting model using postwar U.S. data, while treating the unemployment rate as an additional observable … output gap. In addition, the estimated model can be used to analyze the sources of unemployment fluctuations …

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 …

A number of authors have recently emphasized that the conventional model of unemployment dynamics due to Mortensen and …

than does consumption. At the same time, the model is consistent with a lack of secular movements in hours and unemployment …

A search-theoretic general equilibrium model of frictional unemployment is shown to be consistent with some of the key … regularities of unemployment over the business cycle. In the model the return to a job moves stochastically. Agents can choose … unemployment …

. In the context of such a model, we introduce a measure of unemployment and analyze its equilibrium behavior. We show that … unemployment rate, in a way qualitatively consistent with the evidence. The model stresses the role of countercyclical markups in … the goods market as a key mechanism underlying the countercyclical behavior of unemployment …