inflation. Among other things, the unemployment gap, which is the difference between unemployment rate and non …-accelerating inflation rate of unemployment (NAIRU), is used to measure inflationary pressure from the labour market. This paper examines … revisional property of the NAIRU is also examined, as well as the forecast capacity of the unemployment gap with regard to wages …

I show that individuals whose unemployment risk tends to increase more when local home prices fall optimally invest … increase in the covariance between individually estimated unemployment risks and local home prices implies an average increase …