We reconsider the central role of the natural rate of unemployment (NRU) in forming policy decisions. We show that the … unemployment rate does not gravitate towards the NRU due to frictional growth, a phenomenon that encapsulates the interplay between … empirical analysis and find that the NRU explains only 33% of the unemployment variation, while frictional growth accounts for …

We distinguish and assess three fundamental views of the labor market regarding the movements in unemployment: (i) the … that all the short-run fluctuations automatically turn into long-run changes in the unemployment rate. We assert the …

fundamental role in shaping unemployment movements. This role has generally been examined by considering indirect transmission … single-equation unemployment rate models. Here we advocate a different approach. We directly estimate the effects of capital … stock in the labour market by applying the chain reaction theory of unemployment, and we find that capital stock is a major …

This paper studies the impact of financialization on unemployment in the U.S. We estimate a dynamic multi … appears as a key determinant of capital accumulation which, in turn, is the transmission channel towards its unemployment … swings experienced by the financialization process. We find that it has had relevant unemployment effects in all periods …

' relative position persists: those with the highest unemployment rates in 1996 were also in the worse position in 2012. To … reacts to regional employment shocks in a variety of cases. Shock responses are channelled via changes in unemployment …, unemployment and spatial mobility become the central ones in recession. We also provide evidence of real wage rigidities in both …

. Controlling for demand-side and supply-side determinants of unemployment, we show that the PTB plays a significant role in … explaining unemployment in the continental European countries, but not in the Nordic nor the Anglo- Saxon ones. We also show that … there is no relationship between the incidence of the PTB and unemployment persistence, even though there is a positive one …

We develop a growth model with unemployment due to imperfections in the labor market. In this model, wage inertia and …

This paper sheds new light on the causes of the unemployment upsurge in Japan during the “fading 1990s”, an … contribution of these determinants to the evolution of unemployment from 1990 to 2002. Beyond the leading role exerted by the …