This paper is concerned with two related features of the labor market-the ratio of long-term to total unemployment, R, and the relat ionship between unemployment and vacancies (the "U-V curve"). A model is developed to explain R in terms of the average probability that an unemployed person will...

Unemployment and the Economists addresses economic ideas, beliefs and arguments regarding the causes and possible cures of unemployment – a matter of recurring interest and concern for economists throughout history.

The incoming Labour Government of 1997 promised a new approach to the conduct of fiscal policy. Two lessons to be learnt from previous experience were: (I) adjust for the cycle and build in a margin for uncertainty; (2) set stable fiscal rules and explain clearly fiscal policy. Although the...