unemployment insurance which provides (partial) insurance against employment risk and no insurance against persistent shocks. …This paper decomposes the sources of risk to income that individuals face over their lifetimes. We distinguish … productivity risk from employment risk and identify the components of each using the Survey of Income and Program Participation and …

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

precommit. This implies that a variation of the policy maker's degree of inflation aversion does not have a systematic effect on … maker's inflation aversion may have a systematic effect on equilibrium employment even if agents have rational expectations …

This paper presents a theory of the monetary transmission mechanism in a monetary version of Farmer’s (2009) model in … which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model …

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 …

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 …

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. …