We argue that the 1970s were characterized by attempts to maintain a cooperative, low unemployment equilibrium in the …, explains the initial rise in unemployment. The reduction in union power also helps to explain the acceleration in productivity …

) triggers two opposite effects on real wages, unemployment and inflation. The decrease in the number of unions reduces the … competition effect’ raises real wages, unemployment and inflation. But the decrease in the number of unions also strengthens the …, unemployment and inflation. The interaction between those two effects produces a Calmfors-Driffill type relation between real wages …

Central banks throughout the world predict inflation with new-Keynesian models where, after a shock, the unemployment …

We extend the `rational-partisan' model of inflation to allow for the effects of unemployment persistence on the … dynamics of inflation. We combine this model with the `exchange-rate-regime' model of inflation and examine the experience of … the United Kingdom. Outside the fixed exchange rate regime of Bretton Woods, persistently high inflation can be attributed …

shifts in the parameters of wage equations when the process generating price inflation changes. The two major shifts that we …

This paper explores the interrelation between the degree of unemployment persistence and the unemployment … unemployment and making unemployment less persistent, the less effective will be the growth-promoting supply-side policies (such as … training schemes) in reducing unemployment. …

natural rate of unemployment. In addition, because of differential inflation across countries, real exchange rates become …

has been a worsening in the trade-off between unemployment and inflation. The poor unemployment/inflation trade-off is due … to the neglect of skill training and education (causing skill shortages) and to the build-up of long-term unemployment … (which does little to restrain inflation). …

model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results …

inflation and a permanent reduction in the level of unemployment. In short, we derive a microfounded long-run downward …