. Furthermore, they fail to allow for quantity rationing and to model unemployment as a catastrophic event. The macroeconomics based …

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 …

staggered nominal wage bargaining. We find that the estimated natural rate of unemployment is consistent with the NBER … description of the U.S. business cycle, and that the inflation/unemployment trade-off facing monetary policymakers is … unemployment gaps are more efficient than rules responding to output or unemployment growth rates, also in the presence of …

Labour market frictions are not the only possible source of high unemployment. Credit market imperfections, driven by … determination of equilibrium unemployment in the presence of credit market frictions both with exogenous and endogenous wages. We …

those that affect the long-run unemployment rate. …

private sector employment. Our analysis suggests that the dramatic decline of the skill premium in Sweden is the result of an …