 | Unemployment and Productivity in the Long Run : the Role of Macroeconomic Volatility Author/Editor: Paolo Surico, Luca Antonio Ricci, Pierpaolo Benigno. Release Date:November, 2010 We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory generates two main predictions: long-run unemployment increases with (i) a fall in more...
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| The Inflation-Unemployment Trade-off at Low Inflation Author/Editor: Luca Antonio Ricci, Pierpaolo Benigno. Release Date:March, 2009 Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form more...
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