This paper compares models used to explain OECD unemployment. The models suggest that the ?natural rate of unemployment …

real wages and low unemployment result. With an intermediate view, i.e. when partial equilibrium effects within a sector … are taken into account, high real wages and unemployment result. If all general equilibrium effects are considered at once …, low real wages and low unemployment again result. The assumption that unions and employers? federations are not able to …

In this paper, we argue that credit market imperfections impact not only the level of unemployment, but also its … steady-state unemployment, but also slow down the transitional dynamics. We then provide an empirical illustration based on a … persistence of unemployment. …

? The underlying idea is that unemployment hysteresis may operate through a sociological channel: if many people in the …This paper examines the existence of a habituation effect to unemployment: Do the unemployed suffer less from job loss … if unemployment is more widespread, if their own unemployment lasts longer and if unemployment is a recurrent experience …

explanation of the current persistence of unemployment in Germany, but that some of them - notably the wage-gap and the hysteresis …The main point of this paper will be that West German unemployment in the late 1980's has a curious double character …-paradigms of unemployment in West Germany: the traditional Keynesian demand-gap and the neoclassical wage-gap approach, the …

Central and Southern Europe? This is the question addressed in this paper. Youth unemployment has approached or exceeded 20 …

We introduce skill decay during unemployment into Blanchard and Gali's (2008) New-Keynesian model with hiring frictions … and real-wage rigidity. Plausible values of quarterly skill decay and real-wage rigidity turn the long-run marginal cost-unemployment … relationship positive in a "European" labour market with little hiring but not in a fluid "American" one. If the marginal cost-unemployment …

We develop a growth model with unemployment due to imperfections in the labor market. In this model, wage inertia and … equilibrium paths. Hysteresis is viewed as the result of a selection between these different equilibrium paths. We use this model … of the 1970?s may have played a central role in generating hysteresis. …

transition rates. We focus on hysteresis effects of the durations and incidence of previous spells out of work. We estimate … flexible multi-state Mixed Proportional Hazard specifications for transition rates between employment, unemployment, and …' transition rates from unemployment to employment increase. Longer periods of non-employment generally decrease future transition …