; equilibrium unemployment ; inflation target ; Phillips curve ; Lucas critique ; Germany …

Almost all institutions – employment protection legislation, unions, wages, wage structure, unemployment insurance, etc … persistent unemployment in Europe. US labor market institutions, assumed to leave markets unfettered, became the benchmark for … unemployment has shielded away from the policy of central banks. Actually, however, the institutional setup regarding monetary …

high unemployment, low inflation and increases in the real debt burden. The US and the UK pursued a more expansionary mix …, characterised by high unemployment and inflation well below the ECB's inflation target. A coordinated increase in public investment …