This paper estimates a series of shocks to hit the US economy during the Great Depression, using a New Keynesian model with unemployment and bargaining frictions. Shocks to long-run inflation expectations appear to account for much of the cyclical behavior of employment, while an increase in...

OBJECTIVES AND MOTIVATION: This paper considers the impact of interactions between competitiveness, fiscal policy and monetary institutions in the presence of unionized labor markets on economic outcomes and welfare in the long run. Two main classes of questions are investigated. First, what is...

Chapter 1. introduction -- Chapter 2. The German Hyperinflation of 1923 -- Chapter 3. Macroeconomic Developments from the End of theof the 1960s to the early 1980s -- Chapter 4. The Inflation Wave from the Late 1960s onward -- Chapter 5. Comparison of developments in the various countries --...