Rod Cross

The Natural Rate of Unemployment

Reflections on 25 Years of the Hypothesis

• Broschiertes Buch

Produktbeschreibung

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 forward, 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.

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Produktdetails

• Verlag: Cambridge University Press
• Seitenzahl: 400
• Erscheinungstermin: 19. April 1995
• Englisch
• Abmessung: 229mm x 152mm x 23mm
• Gewicht: 647g
• ISBN-13: 9780521483308
• ISBN-10: 0521483301
• Artikelnr.: 21147471

Inhaltsangabe

1. Introduction Rod Cross; Part I. The Theoretical Framework: 2. The
origins and further development of the natural rate of unemployment Edmund
Phelps; 3. The natural rate as new classical macroeconomics James Tobin; 4.
Theoretical reflections on the 'natural rate of unemployment' Frank Hahn;
5. Of coconuts, decomposition and a jackass: the genealogy of the natural
rate Huw Dixon; Part II. Adjustment, Ranges of Equilibria and Hysteresis:
6. The economics of adjustment Andrew Caplin and John Leahy; 7. Hysteresis
and memory in the labour market G. C. Archibald; 8. Models of the range of
equilibria Ian McDonald; 9. Hysteresis revisited: a methodological approach
Bruno Amable, Jérome Henry, Frédéric Lordon and Richard Topol; 10. Is the
natural rate hypothesis consistent with hysteresis? Rod Cross; Part III.
Empirical Tests and Macro Models: 11. The natural rate hypothesis and its
testable implications Hashem Pesaran and Ron Smith; 12. Non-linear
dependence in unemployment, output and inflation: empirical evidence for
the UK David Peel and Alan Speight; 13. Prices, wages and unemployment in
the US economy: a traditional model and tests of some alternatives Albert
Ando and Flint Brayton; 14. The natural rate in empirical macroeconomic
models Simon Wren-Lewis; Part IV. Political Economy: 15. Is the natural
rate of unemployment a useful concept for Europe? Maria Demertzis and
Andrew Hughes Hallett; 16. The natural rate of unemployment: a
fundamentalist Keynesian view Meghnad Desai; 17. Politics and the natural
rate hypothesis: a historical perspective Bernard Corry.