. If unemployment appears, however, home employment and consumption per capita decrease. …

. If unemployment appears, however, home employment and consumption per capita decrease. …

with unemployment and bargaining frictions. Shocks to long-run inflation expectations appear to account for much of the …

with unemployment and bargaining frictions. Shocks to long-run inflation expectations appear to account for much of the …

We present a dynamic and monetary model that consistently explains such various phenomena as unemployment, deflation … thereby generates the phenomena. -- Liquidity Trap ; Zero Nominal Interest Rate ; Persistent Unemployment ; Excess Reserve …