The positive social benefits of low unemployment are many—it helps to reduce poverty and
crime and fosters more stable families and communities. Yet conventional wisdom—born of …

With the end of the post-war boom in the early 1970s, the world economy has experienced
large scale unemployment. From an assumption that the unemployment problem had been …

From a variety of perspectives, the macroeconomic performance of the US economy has
been very satisfactory in recent years. In particular, broad-based measures of inflation have …

Unemployment is running near its 50-year low, but inflation has not picked up as expected.
This suggests that the unemployment rate consistent with stable inflation has fallen …

Recent labor markets developments, including mismatches in the skills of workers and jobs,
extended unemployment benefits, and very high rates of long-term joblessness, may be …

As THE US unemployment rate fell during 1988 and early 1989 into the 5-5.5 percent range,
observers worried about upward pressure on wage inflation. The concern grew naturally out …

Twenty years ago, on the eve of the first of the great post-Bretton-Woods recessions,
unemployment did not appear to be a major problem for advanced economies. Among what …

One of the more puzzling and damaging features of the American labor market in the last
few decades has been the failure of real (ie inflation-adjusted) wages and benefits to keep …

For 25 years, theory about the causes of, and possible solutions to, the problem of
unemployment has been dominated by Phelps' and Friedman's natural rate of …

THE RECENT PERFORMANCE of the US economy has been nothing short of extraordinary.
In 1998 inflation and unemployment reached their lowest levels since 1965 and 1969 …