We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect … theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility … an otherwise standard dynamic neoclassical model of monopolistic competition. The resulting theory of price adjustment is …

pay and the local unemployment rate - in modern micro data. At the time of writing, the curve has been found in 40 nations …

This paper analyzes the relationship between unemployment and wage inflation for 10 of the euro area countries. The … combination of low wage inflation and high unemployment in Europe is usually attributed to a rise in the natural rate of … unemployment. Using a panel data approach, this paper models directly the specific structural determinants of the natural rate of …

cuts, they may also lead to worse outcomes, in the form of higher unemployment. …

The Phillips curve has flattened in Spain over 1995-2006: unemployment has fallen by 15 percentage points, with roughly …’ labour supply or bargaining power differ. Estimation of the curve for Spain indicates that the fall in unemployment since …

möglicherweise zu erhöhter gleichgewichtiger Arbeitslosigkeit. Dieser Aufsatz analysiert die wachsende Evidenz zu nach unten starren … presence of downwardly rigid nominal wages, low inflation may lead to higher equilibrium unemployment by hindering real wage …