Unemployment in Britain has fallen from high European-style levels to US levels. I argue that the key reasons are first … an institutional change that reduced inflationary expectations in the face of falling unemployment. The decline of trade …

Unemployment in Britain has fallen from high European-style levels to US levels. I argue that the key reasons are first … an institutional change that reduced inflationary expectations in the face of falling unemployment. The decline of trade …

create a vicious circle of depreciation and rising domestic prices, and about the roles played by the natural unemployment …

unemployment rate and money growth in influencing economic outcomes are also discussed. Today's standard theoretical approach to …

lose skill and are expensive to retrain, generating multiple steady state unemployment rates. Large temporary shocks push …, reducing hiring and catapulting the economy toward the high-unemployment steady state. Even after a short-lived liquidity trap …, the economy recovers slowly at best; at worst, it falls into a permanent unemployment trap. Because monetary policy may be …

lose skill and are expensive to retrain, generating multiple steady state unemployment rates. Large temporary shocks push …, reducing hiring and catapulting the economy toward the high-unemployment steady state. Even after a short-lived liquidity trap …, the economy recovers slowly at best; at worst, it falls into a permanent unemployment trap. Because monetary policy may be …

to be cut, workers stronger bargaining position requires higher unemployment in equilibrium. However, inflation is more …