The job guarantee is a viable policy option for tackling both unemployment and underemployment. Hyman P. Minsky was one of the seminal writers on this subject. The first part of this working paper provides a survey of Minsky's writings to identify what kind of jobs he had in mind when...

Institutions like the IMF, the ECB and many finance ministries and private banks in the world's richest countries are sending out unequivocal calls for strict control of prices to be addressed urgently, given their intrinsic relationship with how the budget deficit and government debt evolve....

This paper explores the final impact of COVID-19 on the worldwide inflation and unemployment through the construction of the Multidimensional Phillips Surface (MP-Surface). The creation of MP-Surface applies the uses of Multi-Level Disks Random Coordinate Space. The main objective of this paper...

This dissertation contains an analysis of how economists and statisticians built instruments for measuring various concepts of unemployment, and how that process deviated from the normative, dominant theory of measurement in the philosophy of science, the Representational Theory of Measurement....

Nancy Cartwright views models as blueprints for nomological machines – machines that, if properly shielded, generate law-like behaviour or regularities. Marcel Boumans has argued that we can look for devices inside models, which enable us to measure aspects of these regularities. Therefore, if...

COVID-19 has resulted not only in widespread illness and death, it has also upended most spheres of social life including the economic/financial one in that it has had large impacts on local economies, resulting in widespread job loss, job insecurity and loss of income. Employability, a...

Recent empirical evidence suggests that a positive technology shock leads to a decline in labor inputs. However, the standard real business cycle model fails to account for this empirical regularity. Can the presence of labor market frictions address this problem without otherwise altering the...

We develop a dynamic general equilibrium model where workers can engage in search while on the job. We show that on-the-job search is a key component in explaining labor market dynamics in models of equilibrium unemployment. The model predicts fluctuations of unemployment, vacancies, and labor...

This paper proposes a model of the US unemployment rate which accounts for both its asymmetry and its long memory. Our approach, based on the tests of Robinson (1994), introduces fractional integration and nonlinearities simultaneously into the same framework (unlike earlier studies employing a...