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The Natural Rate of Unemployment

Reflections on 25 Years of the Hypothesis

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Paperback | 21 August 1995

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400 Pages

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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 unemployment hypothesis. This postulates that the equilibrium rate of unemployment consistent with steady inflation is determined by structural variables: sustainable reductions in unemployment can be achieved only by measures to change underlying microeconomic structures, such as benefit and pay bargaining systems. Belief in the hypothesis has faltered since the 1980s, the hypothesis being unable to explain the dramatic upward shifts in European unemployment rates. These essays reflect upon the fundamental structures underlying the hypothesis, assess the related evidence, and look forwards, suggesting possible modifications. In contrast to the single rate postulated by the natural rate hypothesis, several of the contributors propose that there are ranges of unemployment rates consistent with steady inflation.

Industry Reviews

" The 17 essays in this volume discuss the theoretical foundations, dynamics, empirical status, and political economy of the natural rate hypothesis. They reflect the vigor with which we might expect both proponents and critics to discuss a concept of such central importance. Cross should be applauded for the breadth of his perspective on the natural rate. He has marshalled a wide variety of papers into a volume that is particularly good at highlighting recent advances and which, ultimately, no macroeconomist will want to be without." Mark Setterfield, Eastern Economic Journal

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You Can Find This Book In

Non-Fiction Economics Macroeconomics Monetary Economics Labour Economics Employment & Unemployment

List of contributors	p. xi
Preface: Olivier Blanchard	p. xiii
Introduction	p. 1
The theoretical framework
The origins and further development of the natural rate of unemployment	p. 15
The natural rate as new classical macroeconomics	p. 32
Theoretical reflections on the 'natural rate of unemployment'	p. 43
Of coconuts, decomposition, and a jackass: the genealogy of the natural rate	p. 57
Adjustment, ranges of equilibria and hysteresis
The economics of adjustment	p. 77
Hysteresis and memory in the labour market	p. 90
Models of the range of equilibria	p. 101
Hysteresis revisited: a methodological approach	p. 153
Is the natural rate hypothesis consistent with hysteresis?	p. 181
Empirical tests and macro models
The natural rate hypothesis and its testable implications	p. 203
Non-linear dependence in unemployment, output and inflation: empirical evidence for the UK	p. 231
Prices, wages and employment in the US economy: a traditional model and tests of some alternatives	p. 256
The natural rate in empirical macroeconomic models	p. 299
Political economy
Is the natural rate of unemployment a useful concept for Europe?	p. 315
The natural rate of unemployment: a fundamentalist Keynesian view	p. 346
Politics and the natural rate hypothesis: a historical perspective	p. 362
Index	p. 374
Table of Contents provided by Syndetics. All Rights Reserved.

The Natural Rate of Unemployment

Reflections on 25 Years of the Hypothesis

At a Glance

Paperback

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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