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 …

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

general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price …