modern labour market literature NAIRU is defined as the rate of unemployment at which inflation stabilises in the absence of … any wage-price surprises. Conventional thinking about the equilibrium unemployment rate assumes that in the long run NAIRU … even in simple log-linear wage-price models. Furthermore we provide a survey on a number of “hysteresis-mechanisms” which …

In the 1980s, real consumption wages fell relative to labour efficiency in OECD countries, although there has been some … pressure on wages recently. The persistent moderation of wages was due to labour-market slack, as well as rising non … reflect changes in wage behaviour. The analysis of time-series properties suggests that, typically, wages do not fully catch …

The importance of wages in the analysis and forecasting of macroeconomic developments needs no emphasis. Nominal wage … inflation is a crucial component of price inflation, while real wages importantly influence the demand for labour and for other … factors of production. More generally, the way in which nominal wages are set is an important determinant of whether or not …

to facilitate hiring dynamics and to minimise long-term unemployment and scarring risks among vulnerable groups who have …

country labour market. Changes in the share of immigrants in the labour force may have a distributive impact on natives' wages …, and a temporary impact on unemployment. However, labour market integration of immigrants (as well as integration of second …

This paper deals with trends and cycles of unemployment and labour-force participation. Empirical evidence on both … trends and cyclical movements in unemployment and participation is presented. Some of the mechanisms behind the observed … assessment of labour market slack of the observed interplay between unemployment and participation are discussed. The paper ends …

, including unemployment-related and disability schemes. Pooled cross-country time-series regressions show that increased …

. But unemployment remains unacceptably high -- having fallen only slightly from its peak of 38 million in 1993 to the …