largely unexplored, set of determinants of the effectiveness of Keynesian and supply-side economic policies. -- unemployment … ; employment ; wage setting ; labour force participation ; labour market dynamics ; unemployment persistence ; imperfect … unemployment responsiveness …

This paper provides a critique of the "unemployment invariance hypothesis," according to which the behavior of the … labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity, and … equilibrating mechanisms to ensure unemployment invariance and that other markets may perform part of the equilibrating process as …

This paper provides a critique of the ?unemployment invariance hypothesis,? according to which the behavior of the … labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity, and … equilibrating mechanisms to ensure unemployment invariance and that other markets may perform part of the equilibrating process as …

This paper provides a critique of the "unemployment invariance hypothesis", according to which the behavior of the … labor market ensures that the long-run unemployment rate is independent of the size of the capital stock, productivity and … the equilibrating mechanisms to ensure unemployment invariance; in particular, other markets may perform part of the …

This paper views movements in unemployment as the result of the interaction between: (a) lags in labour market … decisions; and (b) labour market shocks with temporary and permanent components. Two features of unemployment dynamics are … examined: (i) `unemployment persistence', arising when temporary shocks have persistent effects on unemployment; and (ii …

The paper surveys unemployment policies for advanced market economies and evaluates them by examining the predictions … of the underlying macroeconomic theories. The basic idea is that, for the most part, different unemployment policy … - on the ability of these theories to predict some salient stylized facts about unemployment behaviour. The paper considers …

This paper evaluates two theories of unemployment: the natural rate theory (whereby unemployment is depicted as … fluctuating around a reasonably stable natural rate) and the chain reaction theory (which views movements in unemployment as the … unemployment not only in the short run, but in the long run as well. The reason is that, in the presence of growing exogenous …