Galí, Jordi, 1961-Universitat Pompeu Fabra. Departament d'Economia i Empresa2017-07-262017-07-262015-06-01http://hdl.handle.net/10230/24638The unemployment rate in the euro area appears to contain a significant nonstationary component, suggesting that some shocks have permanent effects on that variable. I explore possible sources of this nonstationarity through the lens of a New Keynesian model with unemployment, and assess their empirical relevance.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commonsinfo:eu-repo/semantics/workingPaperwage stickinessnew keynesian modelunemployment fluctuationsphillips curveinsider-outsider model.Macroeconomics and International Economicsinfo:eu-repo/semantics/openAccess