policymakers at the time both had an overly optimistic view of the natural rate of unemployment and put a high priority on …

of unemployment is affected by the inflation rate. Looking at four countries, France, Germany, the Netherlands and … Switzerland, the Paper reports some preliminary evidence that the long-run rate of unemployment is a non-linear function of … ‘grease’ to the price and wage setting process. In particular, the long-run rate of unemployment is found to reach a maximum …

We study the determination of Irish inflation between 1926 and 2012. The difference between unemployment and the NAIRU …

the indirect wage effect resulting from lower unemployment risks and shorter spells in unemployment associated with higher … accounting for the effects of unemployment on individual wages using EU-SILC data. Across countries we find a high variation of … the effect of education on unemployment duration. Overall, the returns to education are estimated to be the highest in the …

This paper develops a theory characterizing the effects of fiscal policy on unemployment over the business cycle. The … theory is based on a model of equilibrium unemployment in which jobs are rationed in recessions. Fiscal policy in the form of … government spending on public-sector jobs reduces unemployment, especially during recessions: the fiscal multiplier …

and the unemployment rate in U.S. data since 1929. Second, it compares a new model of the economy developed in recent …