Layard, Nickell and Jackman in their book Unemployment: Macroeconomic Performance and the Labour Market. Reviews their …The analysis of the processes determining unemployment in an open economy has been considerably advanced by the work of … does, then a change in the real exchange rate may change the equilibrium level of unemployment. It is frequently claimed …

role of real interest rates in unemployment models, the importance of the trade balance and related constraints in open … economy models and the uniqueness and stability of unemployment equilibria. …

, Nickell and Jackman's Unemployment: Macroeconomic Performance and the Labour Market. It is argued that the NAIRU has produced …Assesses the NAIRU framework for analysing the determinants of equilibrium unemployment, as expressed in Layard … plausible account of the determination of equilibrium unemployment. …