Inflation and Unemployment in the Long Run
研究了长期中货币因素（通货膨胀或利率）与失业的正相关关系，用微观基础模型统一分析劳动和商品市场，解释了1970年代失业率上升的很大一部分。
We study the long-run relation between money (inflation or interest rates) and unemployment. We document positive relationships between these variables at low frequencies. We develop a framework where money and unemployment are modeled using explicit microfoundations, providing a unified theory to analyze labor and goods markets. We calibrate the model and ask how monetary factors account for labor market behavior. We can account for a sizable fraction of the increase in unemployment rates during the 1970s. We show how it matters whether one uses monetary theory based on the search-and-bargaining approach or on an ad hoc cash-in-advance constraint.