model to explain the natural rate of unemployment and non-wage employment costs, to show the impact of reform on the short … (unemployment rises and then falls, while wages move in the opposite way); that the long run gains outweigh the short run costs; and …

This paper provides an empirical investigation of the wage, price and unemployment dynamics that have taken place in … achieved by two types of Phillips curve mechanisms; one where the inflation/unemployment trade-off was triggered off for … rate and the interest rate. Excess wages and/or increasing cost levels in the tradable sector led to higher unemployment …