It is widely agreed that the natural unemployment rate recovered strongly in several OECD economies in the 1990s while not yet in the others. This paper draws on models by the authors endogenizing the path of the natural rate in order to trace the causes and apportion the credit. The results...

UNEMPLOYMENT in Europe has reached levels in this decade that have not been seen since the Great Depression. The annual unemployment rate in the European Economic Community rose sharply in 1981 and continued rising to its 1984-85 plateau. In contrast, the U.S. unemployment rate, which also rose...

Pourquoi la reprise américaine des années 1983 et 1984 n'a t-elle pas entraîné celle de l'Europe ? Pourquoi le chômage de ce côté-ci de l'Atlantique a-t-il continué de croître pour atteindre en 1985 son niveau le plus élevé depuis la « grande depression » ? Pourquoi enfin les...

It is widely agreed that the natural unemployment rate recovered strongly in several OECD economies in the 1990s while not yet in the others. This paper draws on models by the authors endogenizing the path of the natural rate in order to trace the causes and apportion the credit. The results...

It is widely agreed that the natural unemployment rate recovered strongly in several OECD economies in the 1990s while not yet in the others. This paper draws on models by the authors endogenizing the path of the natural rate in order to trace the causes and apportion the credit. The results...

Alors que les économies de l'Europe continentale ne laissent pas de décevoir depuis deux décennies, il paraît nécessaire — et il s'avère fécond — de convoquer une « hypothèse institutionnelle » pour éclairer cet échec. Celle-ci s'articule autour de l'idée que c'est dans le...

An assessment of the conduct of monetary policy in Europe must necessarily be made along two distinct and complementary lines. The first is a comparison with the policies followed in the past. The second line has to assess whether monetary policy is adapted to the new conditions that came into...

On the 30th of August, Governing Council of the ECB decided to lower the key interest rates by 25 basis points. May be this decision was the only available in view of the evolution of core inflation in Europe, but for reasons made clear below, it is not going to ease the fiscal debate in Europe....

Je vous remercie de votre invitation. C’est un grand honneur pour moi de venir m’exprimer en ce lieu. Le sujet que nous allons évoquer me tient particulièrement à coeur. Je m’intéresse en effet à la force de la monnaie depuis le jour où mon fils, alors âgé de dix ans, m’a...