The Natural Rate of Unemployment: Reflections on 25 Years of the Hypothesis

Overview

The natural rate of unemployment hypothesis proposed in the 1960s has dominated thought about the causes of, and possible solutions, to unemployment. In the 1980s, however, European unemployment rates rose sharply, despite supply-side innovations to economic policy inspired by the hypothesis.
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Overview

The natural rate of unemployment hypothesis proposed in the 1960s has dominated thought about the causes of, and possible solutions, to unemployment. In the 1980s, however, European unemployment rates rose sharply, despite supply-side innovations to economic policy inspired by the hypothesis.
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Editorial Reviews

From the Publisher
" 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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Product Details

  • ISBN-13: 9780521472982
  • Publisher: Cambridge University Press
  • Publication date: 4/1/1995
  • Pages: 398
  • Product dimensions: 5.98 (w) x 8.98 (h) x 1.14 (d)

Table of Contents

List of contributors
Preface
1 Introduction 1
2 The origins and further development of the natural rate of unemployment 15
3 The natural rate as new classical macroeconomics 32
4 Theoretical reflections on the 'natural rate of unemployment' 43
5 Of coconuts, decomposition, and a jackass: the genealogy of the natural rate 57
6 The economics of adjustment 77
7 Hysteresis and memory in the labour market 90
8 Models of the range of equilibria 101
9 Hysteresis revisited: a methodological approach 153
10 Is the natural rate hypothesis consistent with hysteresis? 181
11 The natural rate hypothesis and its testable implications 203
12 Non-linear dependence in unemployment, output and inflation: empirical evidence for the UK 231
13 Prices, wages and employment in the US economy: a traditional model and tests of some alternatives 256
14 The natural rate in empirical macroeconomic models 299
15 Is the natural rate of unemployment a useful concept for Europe? 315
16 The natural rate of unemployment: a fundamentalist Keynesian view 346
17 Politics and the natural rate hypothesis: a historical perspective 362
Index 374
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