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 …

Portugal, the estimation results suggest that, under the existence of noncompetitive rents, the fear of job loss leads workers …

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 … application of the minimum distance estimation. The estimated model can explain the cyclical behavior of employment, hours per …

flows. Similarly, countries with higher unemployment benefits and more coordinated wage bargaining systems are characterised …