market regularities and (ii) macroeconomic dynamics (long-term rates of growth, GDP uctuations, unemployment rates … relations are conducive to coordination successes with higher and smoother growth. …

Using a dynamic efficiency wage model, where a Phillips curve appears because worker morale depends on the unemployment … on unemployment in two steady states. In one steady state, only structural unemployment occurs. In the other, not only … structural unemployment but also Keynesian unemployment arises. We find that the effects obtained in the former steady state …

producing employment growth and in reducing unemployment than most continental-European OECD-countries. It is argued that the …