imperfect competition. In equilibrium, unemployment emerges as the result of the market power exercised by insiders at the firm … countercyclical unemployment rate, in a way qualitatively consistent with US data. …

labor market frictions and unemployment explicitly. The present paper describessome of the essential ingredients and …

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 …

model labor market frictions and unemployment explicitly. This chapter describes some of the essential ingredients and …

A new approach for introducing unemployment into the New Keynesian framework. …cover -- Contents -- Series Foreword -- Preface -- Introduction -- A Simple Model of Unemployment and Inflation … Dynamics -- Unemployment, the Output Gap, and the Welfare Costs of Economic Fluctuations -- Unemployment and Monetary Policy …