that this may have contributed to more elastic aggregate supply in recent years, which is consistent with lower inflation …

Inflation dynamics, as well as its interaction with unemployment, have been puzzling since the Global Financial Crisis … forecast scenarios. We show that financial and external variables have the highest forecasting power for inflation and … unemployment, post-GFC …

unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years …

A number of advanced economies carried out a sequence of extensive reforms of their labor and product markets in the … of reforms, those of New Zealand, Australia, Denmark, Ireland and Netherlands in the 1990s, and the labor market reforms …

In recent years, unemployment rates in some ECCU countries have been among the highest globally. This paper evaluates … several factors that could explain them, finding that high unit labor costs, in a context of strong unionization, are … significantly associated with high structural unemployment, while the global crisis added a cyclical component. Our analysis also …

unemployment by about 2.2 pp after five years. If sequencing is required, starting with PMRs would be more effective in boosting … output, while starting with LMRs would reduce unemployment faster. Finally, increasing unemployment benefits would be more …

The negative and stable relationship between an economy's aggregate demand conditions and overall unemployment is well …-documented. We show that there is a large degree of heterogeneity in the cyclical sensitivities of unemployment across worker and … economy groups. First, unemployment is more than twice as sensitive to aggregate demand in advanced as in emerging market and …

detrimental medium-term effects on output, unemployment, poverty, and inequality. However, policies can go a long way toward … relatively greater fiscal support. The increases in unemployment, poverty, and inequality are likewise lower for countries with …

already fragile labor market, Covid-19 has raised the urgency of action. This paper reviews labor market policy and other … find much scope for improving the design of key labor market institutions-including collective bargaining and employment … protection legislation-and active labor market policies to improve job seekers' prospects. These reforms should come hand …