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Involuntary unemployment in classical and Keynesian models reconsidered
Involuntary unemployment and the natural rate of unemployment
Chapter 3 The unemployment
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adaptive expectations adjustment aggregate demand analysis of wage assumption Chapter components demand and supply demand for labour earnings changes effective demand employers equation equilibrium estimated coefficient estimates of hidden estimating labour hoarding excess demand model excess labour demand excess supply full employment level guideposts hidden unemploy hidden unemployment incomes policies increase industries involuntary unemployment labour input labour market labour productivity level of employment marginal physical product measures ment model of wage money illusion money wages output overtime participation rate peaks Phillips Curve policy-off policy-on price change price inflation price level prices and incomes proxy quarter 2nd quarter rate of change rate of labour real wage reduce registered unemploy result returns to labour secondary workers strike action supply of labour unemployment and labour unemployment gap union unpaid-for hoarding utilisation rate variable wage change expectations wage change model wage inflation wage rate workers and hours workforce workweek zero