Unemployment in the United Kingdom has fallen from high European-style levels to US levels. I argue that the key … monetary policy as an institutional change that reduced inflationary pressures in the face of falling unemployment. The decline …

This paper analyzes how trade liberalization influences the unemployment rate of workers with different abilities. We … employment; (ii) the least efficient workers loose their job and switch to long-term unemployment (worker-selection effect); (iii … unemployment. In this case, trade liberalization may harm a country's welfare. -- trade liberalization ; trade unions ; skill …