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 …

We quantify the degree of persistence in unemployment rates of transition countries using a variety of methods … presence of unit roots in unemployment. Since this is potentially a narrow definition, we also take into account the existence … of structural breaks and non-linear dynamics in unemployment. Finally, we examine whether CEECsu0092 unemployment …

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

as well as real and nominal wages. The results indicate considerable time variation in U.S. wage dynamics that can be … linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation …

This paper investigates the importance of labor market institutions for inflation and unemployment dynamics. Using the … Unemployment Rigidities (UR) and those that cause Real Wage Rigidities (RWR). The two types of institutions have opposite effects … and their interaction is crucial for the dynamics of inflation and unemployment. We estimate a panel VAR with …

base wages. The results presented in this paper are based on a survey of Irish firms undertaken as part of the Wage … avoiding cuts in base wages, worker morale and loss of experienced workers were the main concerns. Regulatory or collective …