This paper is organized in three parts. First, we present the logic and original evidence for Phillips Curve and NAIRU. We show that the sources of increased labor supply during the past two expansions have shifted significantly compared with the experience of the 1970's business cycle. The...

Measured by changes in real wages, earnings inequality and unemployment, the economic position of lower skilled workers has declined sharply over the past two decades across the developed countries of the OECD. In this paper we survey a wide-ranging empirical literature for evidence bearing on...