This paper analyses the monetary and fiscal policy implications of output gap estimates in times of crisis. The … widening of output gaps observed in major OECD economies in the wake of the recent crisis has been mainly due to total factor … productivity gaps, except in the United States where it essentially resulted from a large increase in the unemployment gap. As …

Inflation has become much less sensitive to movements in unemployment in recent decades. A common explanation for this … unemployment gap which underlie the OECD’s Economic Outlook projections. The former OECD specification can be characterised as a … backward-looking specification, the anchored expectations approach also tends to imply larger unemployment gaps for those …

setting institutions are found to be robust policy determinants of the aggregate employment and unemployment rates. Looking …

In this paper we examine whether past labour market reforms aiming at reducing the rate of unemployment have raised its … Monte-Carlo techniques, we do not find any evidence of such policy trade-off. In contrast, we find that reduced unemployment … associated with a weaker persistence of unemployment over time, which implies a lower volatility of unemployment in the long run …

literature investigating the economic consequences of covid-19 by showing how unemployment-related online searches across the EU … queries related to unemployment in 27 countries. We nowcast the monthly unemployment rate in the EU Member States to assess … five weeks. We suggest that the effect is most likely due to an increase in unemployment expectations. …