We propose that the natural rate of unemployment has an active role in the business cycle, in contrast to the … Phillips-curve framework of low - often extremely low - response of inflation to unemployment could be the result of fairly … most Phillips-curve studies, that conclude that inflation has little relation to unemployment. We suggest that the flat …

policy in explaining the movements of the unemployment rate? The paper develops the theory and seeks to ask how much non …This paper builds upon Hoon and Phelps (1992, 1997) to ask how much of the evolution of the unemployment rate over … the evolution of unemployment rates in Europe as it recovered from the second world war and caught up technologically to …

The authors derive an estimate of the Federal Reserve's assessment of the natural rate of unemployment in real time … about the natural rate of unemployment from the dynamics of inflation, aggregate demand, and the functioning of the labor … that would have been achieved by using a different estimate of the natural rate of unemployment is typically small. …

Having the high unemployment in Germany in mind, this book discusses how macroeconomic theory has evolved over the past … business cycle theory. It also probes in which direction models may be extended from here. Empirically, the book uses different …