In diesem Beitrag werden die wichtigsten Erkenntnisse zu Ausmaß und Ursachen der strukturellen Arbeitslosigkeit in Europa vor dem Hintergrund eines einheitlichen theoretischen Bezugrahmens zusammengefasst, erklärt und bewertet. Die strukturelle Arbeitslosigkeit wird in der Literatur...

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...

To make the argument that the behaviour of modern industrial economies since the 1990s is inconsistent with theories in which there is a unique ergodic macro equilibrium, the paper starts by reviewing both the early Keynesian theory in which there was no unique level of income to which the...

We consider a time-varying parameter vector autoregressive model with stochastic volatility and mixture innovations to study the empirical relevance of the Lucas critique for the postwar U.S. economy. The model allows blocks of parameters to change at endogenously-estimated points of time....

We consider a time-varying parameter vector autoregressive model with stochastic volatility and mixture innovations to study the empirical relevance of the Lucas critique for the postwar U.S. economy. The model allows blocks of parameters to change at endogenously estimated points of time....

The notion that the long-term unemployed are relatively detached from the labour market and therefore exert only little downward pressure on wage inflation has regained significant traction recently. This paper investigates whether the conclusion that long-term unemployment is only weakly...

Arguably, of the many pioneering classics authored by Milton Friedman, it is his Presidential Address to the American Economic Association, in December, 1967, published as The Role of Monetary Policy in the AEA, in March, 1968, that may have had the greatest impact in serious policy circles. In...

I propose an econometric model that improves upon existing methods of estimating the natural rate of unemployment (NAIRU) by using information contained in the trend of productivity growth. My approach enhances the recently proposed model of Staiger, Stock and Watson (1997) in several respects....

In this paper, the relevancy of the classic analysis’ model of the Rational Expectations School (RES) is reexamined; mainly in the concerning to the tradeoff’s vision between the product and inflation originally postulated by Robert Lucas Jr. For such effect, a historical recount of the ideas...

In this paper I evaluate the theoretical consistency of Friedman.s Phillips curve. For this, I review his own exposition in the subject, making emphasis in his contributions to the short-run analysis of unemployment, wages and prices in front of the classical theory and Keynes.s .General...