accounts: a retirement account (covering pensions), an unemployment account (covering unemployment support), a human capital … may be expected to play a substantial role in reducing unemployment, encouraging labour force participation, promoting …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on ?frictional growth,? describing the … expectations, there is a long-run inflation-unemployment tradeoff. Our empirical analysis suggests that this Phillips curve may be … reasonably flat. We show that the persistence of inflation and unemployment, in response to monetary policy shocks, is related to …