accounts: a retirement account (covering pensions), an unemployment account (covering unemployment support), a human capital … may be expected to play a substantial role in reducing unemployment, encouraging labour force participation, promoting …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … effects. Although our theory contains no money illusion, no permanent nominal rigidities, and no departure from rational … expectations, there is a long-run inflation-unemployment tradeoff. Our empirical analysis suggests that this Phillips curve may be …