-market recovery from financial crises is characterized by either higher unemployment ("jobless recovery") or a lower real wage … ("wageless recovery"). Second, inflation determines the type of recovery: low inflation (below 30 percent annual rate) is … associated with jobless recovery, while high inflation is associated with wageless recovery. The paper shows that this pattern of …

This paper relates the size of the cyclical inflation differentials, currently observed for euro area countries, to the … cyclical inflation differentials. The proposed mechanism is a supply side one in which differences in labor market institutions …

domains with macro-structural relevance (employment protection legislation, unemployment benefits, wage setting). Reforms tend … improved activity rates and lower unemployment. …