The paper develops an efficiency-wage model where input prices affect the equlibrium rate of unemployment. We show that a simple framework based on only two prices (the real price of oil and the real rate of interest) is able to explain the main post-war movements in the rate of U.S. joblessnss....

Many observers believe that times are growing harder for young people in Western society. This paper looks at the evidence and finds that conventional wisdom appears to be wrong. Using the U.S. General Social Surveys and the Eurobarometer Surveys, the paper studies the reports happiness and...

The paper examines the labour markets of Eastern Europe. It studies the problem of high levels of joblessness among young people. The paper begins by showing that, in both West and East, adult and youth unemployment rate are closely correlated. It provides scatter-plot evidence using...