Karanassou, Marika (contributor); Sala, Hector (contributor) - 2006
without any disproportionate increase
in inflation. On the contrary, employment has grown at low rates in France, Italy and … ‘inflexibility’."
Given that inflation rates were low and stable over much of the 1980s and 90s, the
long climb of European … unemployment clearly cannot be explained in terms of tempo-
rary errors in inflation expectations, intertemporal substitution of …