This paper explores the two common concepts of the natural rate of unemployment: (i) the stable, long-run equilibrium rate of...

This paper offers a reappraisal of the inflation–unemployment tradeoff, based on frictional growth, describing the interplay between...

The paper examines how the long-run inflation-unemployment tradeoff depends on the degree to which wage-price decisions are backward-...

Adjustment Dynamics and the Natural Rate: An Account of UK Unemployment. This paper challenges what is the standard account of UK...

A major criticism against staggered nominal contracts is that they give rise to the so called "persistency puzzle" - although they...

This paper evaluates two theories of unemployment: the natural rate theory (whereby unemployment is depicted as fluctuating around a...

This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate...

This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate...

We distinguish and assess three fundamental views of the labor market regarding the movements in unemployment: (i) the frictionless...

This paper analyses the relation between US inflation and unemployment from the perspective of "frictional growth," a phenomenon...

We distinguish and assess three fundamental views of the labor market regarding the movements in unemployment: (i) the frictionless...

This paper has two aims. First, it provides simple theoretical models that highlight two channels whereby monetary shocks have...

This paper analyses the relation between US inflation and unemployment from the perspective of "frictional growth," a phenomenon...

The conventional wisdom that inflation and unemployment are unrelated in the long-run implies the compartmentalisation of...

The conventional wisdom that inflation and unemployment are unrelated in the long-run implies the compartmentalisation of...

This paper examines the movements in EU unemployment from two perspectives: (a) the NRU/NAIRU perspective, in which unemployment...

This paper provides a critique of the "unemployment invariance hypothesis," according to which the behavior of the labor market...