Behind similar unemployment rates in the United States and Portugal hide two very different labor markets. Unemployment … duration is three times longer in Portugal than in the United States. Symmetrically, flows of workers into unemployment are … Portugal. High employment protection makes economies more sclerotic; but because it affects unemployment duration and worker …

U.S. macroeconomic evidence shows a negative relation between the rate of change of wages and unemployment. In contrast …, most theories of wage determination imply a negative relation between the level of wages and unemployment. In this paper … -- from real interest rates to oil prices to payroll taxes -- on the natural rate of unemployment. …

We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine …-Mortensen-Pissarides model, with its focus on labor market frictions and unemployment. In developing this model, we proceed in two steps. We … effect on unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage …

We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine …-Mortensen-Pissarides model, with its focus on labor market frictions and unemployment. In developing this model, we proceed in two steps. We … effect on unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage …

We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine …-Mortensen-Pissarides model, with its focus on labor market frictions and unemployment. In developing this model, we proceed in two steps. We … effect on unemployment in the constrained e?cient allocation. We then focus on the implications of alternative real wage …

We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine …-Mortensen-Pissarides model, with its focus on labor market frictions and unemployment. In developing this model, we proceed in two steps. We … effect on unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage …

We construct a utility-based model of fluctuations, with nominal rigidities and unemployment, and draw its implications … for the unemployment-inflation trade- off and for the conduct of monetary policy. We proceed in two steps. We first leave … unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage setting mechanisms …