Several authors have questioned the evidence claimed by Galí and Gertler (1999) and Galí et al. (2001) that a hybrid version of the new Keynesian Phillips curve approximates European and US inflation dynamics quite well. We re-examine the evidence using the vector autoregressive framework and...

During the 1950-70s Norway had relatively low GDP per capita compared to the OECD average and even more so compared to Denmark and Sweden. During the 1970s there was a significant catch-up in incomes and from the early 1990s a .take-off. in relative income. Norway is currently ranked among the...

The paper shows that the growing employment gap between Europe and the USA over recent decades reflected the failure of services-employment rates in Europe to converge to American levels whilst European employment rates in goods production were falling rapidly towards those of the USA. The...

Greater labour market flexibility is often advocated as the solution to joblessness. Calls to weaken minimum wage provisions, to make out-of-work benefits less generous and to reduce legislative or bargained restrictions on hiring and firing have the common objective of encouraging those without...