capable to generate business ßuctuations, driven by self-fulÞlling belief, characterised by unemployment persistence. A …

This paper develops a model with multiple steady states (low tax and unemployment rate versus high tax and unemployment … European unemployment rates observed during the seventies. The explanation given is that even if the unemployment rate would … job creation remains low making the return to a low unemployment rate impossible. The paper shows that in some cases …

This study poses the question about whether labour market institutions can explain unemployment rates in the ten new … European Union member states. In five out of the ten new member states, unemployment rates lie above the average in the 15 … part of unemployment in the new EU member states. This does not mean that these countries have no labour market problems …

aggregation over countries. Our theory permits monitoring the effects of policy at the aggregate level over the euro area, while …We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European … aggregation across countries over the heterogeneous representative agents, and we derive the resulting formulas for stochastic …

On the face of it, Austria’s labour market performs very well, which is reflected in one of the lowest unemployment … rates in the EU. However, while many of the euro area members have recently succeeded in reducing unemployment, the Austrian …. In addition the unemployment statistics are distorted by the relatively low labour force participation of older workers …

feature of the Finnish economy compared with that of Sweden and Denmark is the higher level of unemployment. In the early 1990 … adapt. The spectacular recovery of the Finnish economy has pushed up labour demand. While unemployment has fallen back from …