We investigate the controversial issue whether unemployment is related to productivity growth in the long run, using U …. Therefore the secular decline of unemployment since the mid 1990s indeed stemmed from higher average productivity growth. The …

OECD unemployment rates show long swings which dominate shorter business cycle components and these long swings show a … unemployment by the first principal component. This factor has a natural interpretation as a measure of global expected returns … estimate a model of unemployment adjustment, which allows for the influence both of the global factor and of labour market …