The purpose of this paper is to present the disadvantages from the use of NAIRU as the key instrument of monetary-policy making to restrain the upward tendency of unemployment. It argues that the development of NAIRU, the most widely known and used model in macroeconomic analysis, although has...

This short empirical paper examines the unemployment dynamics in Greece both in the long run and during the current crisis. Using monthly data from 2001 until mid-2012 it finds that unemployment fluctuations were predominantly driven by the job finding rate. Nevertheless, during the current...