Refers to the Minimum Wage Act of 1948. Estimates that minimum wage has no adverse affects on the demand for labour, the Gini effect for wage inequality would decrease, and the gender wage gap could be reduced.

This article reviews the current state of research on unemployment dynamics in macroeconomic models. In particular, it discusses the increasingly widespread use of the labour-market flow approach as implemented via a search and matching process and presents main policy considerations that arise...