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natural rate of unemployment
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Journal Article
History of Political Economy (2017) 49 (1): 137–159.
Published: 01 March 2017
...Danilo Freitas Ramalho da Silva This article describes the work of Robert E. Lucas Jr. in the late 1960s, which culminated in the modeling and testing of the natural rate of unemployment hypothesis. I show the roles played by Edmund Phelps and Edward Prescott in Lucas's transition from adaptive...
Journal Article
History of Political Economy (1989) 21 (1): 27–42.
Published: 01 March 1989
.... 1985 . ‘Knut Wicksell and Milton Friedman on the normal or natural rate of unemployment.’ Unpublished manuscript, University of Lund. Knudtzon , E. J. 1976 . Knut Wicksells tryckta skrifter 1868–1950 (Knut Wicksell's printed works 1868–1950). Lund Lindahl , E. 1939 . Studies...
Journal Article
History of Political Economy (2003) 35 (3): 385–436.
Published: 01 September 2003
.... London: Routledge. Boianovsky, M., and J. R. Presley. 2002 . On the Natural Rates of Unemployment and Interest: The Robertson Connection . Research paper 8/2002, University of Loughborough, Department of Economics. Boianovsky, M., and V. Tarascio. 1998 . Mechanical Inertia and Economic Dynamics...
Journal Article
History of Political Economy (2011) 43 (suppl_1): 283–308.
Published: 01 December 2011
... Francisco : Holden-Day . Cross R. 1995 . The Natural Rate of Unemployment: Reflections on Twenty-five Years of the Hypothesis . Cambridge : University of Cambridge Press . Dawson A. 1981 . Sargan Wage Equation—a Theoretical and Empirical Reconstruction . Applied Economics 13...
Journal Article
History of Political Economy (1985) 17 (2): 223–244.
Published: 01 June 1985
... 1949,595-99). Included in this category are what
textbook writers have labeled seasonal, frictional, and technological un-
employment. In discussing frictional unemployment, Mises emphasizes
its speculative nature:
The fact that a worker discharged on account of changes occurring...
Journal Article
History of Political Economy (1992) 24 (2): 413–433.
Published: 01 June 1992
... efficiency of capital and the rate of interest,” Pigou failed “to
include in his formal scheme” (278 “It is, indeed, strange that Pro-
fessor Pigou should have supposed that he could furnish a theory of
unemployment which involves no reference at all to changes in the rate
of investment . . . due...
Journal Article
History of Political Economy (1988) 20 (2): 207–234.
Published: 01 June 1988
...-a rate of unemployment temporarily and unsustainably below
the (Friedmanian) natural rate and-in Figure 2-a depth of capital tem-
porarily and unsustainably maintained by a loan rate of interest kept below
the (Wicksellian) natural rate.
To this point the Austrian story has been told...
Journal Article
History of Political Economy (2022) 54 (4): 619–653.
Published: 01 August 2022
... supplementary points of inflation—regarded as a lesser evil in exchange for low unemployment. However, as the textbook narrative explains, Edmund Phelps ( 1967 ) and Milton Friedman ( 1968 ) demonstrated that, because unemployment can depart from its “natural rate” only during the period when expectations...
Journal Article
History of Political Economy (2023) 55 (2): 215–248.
Published: 01 April 2023
... was in itself sufficient to stop inflation. It was on these crucial issues that Hall and Thorneycroft were at odds. Reduced to its operational terms, the disagreement between Thorneycroft and Hall pertained to the nature and measure of the rate of unemployment compatible with stable prices. Hall agreed...
Journal Article
History of Political Economy (1972) 4 (1): 113–126.
Published: 01 March 1972
...
and magnitude in the context of Marxian growth. It emerges that
crises depend on the interaction of three factors: the rate of change
of technology and accumulation, the rapidity with which the economy
adjusts to new technology and higher rates of accumulation, and the
level of unemployment at which...
Journal Article
History of Political Economy (1994) 26 (1): 69–94.
Published: 01 March 1994
... is
equal to the natural rate. In either case there will be underinvestment,
and it is underinvestment, not overinvestment (malinvestment), that
causes involuntary unemployment in Keynes’s model. Disturbances
will be amplified, not corrected, because consumption and investment
will change...
Journal Article
History of Political Economy (2006) 38 (2): 251–268.
Published: 01 June 2006
....
This defi nition is made clear in [fi gure 1]. At, say, the rate (w/p)2 only
0N2 workers are employed, whereas 0N10 offer their services. Hence
involuntarily unemployment to the extent N10 – N2 exists.
An immediate implication of this defi nition is that the co-existence of
involuntary...
Journal Article
History of Political Economy (2020) 52 (2): 367–396.
Published: 01 April 2020
..., not cyclical, kind, associated with mini- mum wage rules and other rigidities of the Brazilian labor market (Fried- man 1974c). That was consistent with Friedman s (1968) definition of the natural rate of unemployment. In correspondence of July 30, 2018, with the author, Delfim Netto recollected...
Journal Article
History of Political Economy (2015) 47 (2): 207–240.
Published: 01 June 2015
... was flawed
and that the attempt to maintain unemployment below the natural rate
results in accelerating inflation (253). The inertial theory was not attrib-
uted to anyone, but later, discussing monetarism, they attributed the verti-
cal Phillips curve view to Friedman, naming no others (327...
Journal Article
History of Political Economy (1986) 18 (3): 419–441.
Published: 01 September 1986
... is not a reward for abstinence from spending. It
is what has to be paid on loaned funds and is determined by the supply of and the demand
for loanable funds. There is no ‘natural’ rate of interest. The rate of profits only sets the
maximum limit to the average rate of interest.
If interest is a share...
Journal Article
History of Political Economy (1981) 13 (2): 256–277.
Published: 01 June 1981
... to me quite likely
that the notion of unemployment equilibrium may have entered the
Stockholm School through Lindahl’s carefully executed theoretical ar-
gument
On the pages referred to by Myrdal, Lindahl discusses the effects of
a permanent increase in the rate of interest in a situation...
Journal Article
History of Political Economy (2008) 40 (2): 397–405.
Published: 01 June 2008
... allow, of course, for the natural rate of unemployment. It
follows, then, that if market decisions are distorted by policy such that
unemployment falls below its natural rate, the resulting level of output is
depicted as a point beyond the PPF. The extra-PPF point represents an
overheated...
Journal Article
History of Political Economy (1976) 8 (1): 108–119.
Published: 01 March 1976
...).
See also my recent paper on “The Role of the ‘Liquidity Trap’ in Keynesian Eco-
nomics” (1974).
10. See also Keynes’ later description of unemployment as resulting from a situation
in which the “rate of interest declines more slowly as output increases, than the
marginal...
Journal Article
History of Political Economy (2004) 36 (Suppl_1): 25–56.
Published: 01 December 2004
...
showed that Keynes (1931, 394–96) did not believe that the Austrian
theory of capital was acceptable or that such a theory was needed to
explain output fluctuations and unemployment. He emphasized the ef-
fects of discrepancies between the Wicksellian market and natural rates
of interest on savings...
Journal Article
History of Political Economy (1999) 31 (3): 493–509.
Published: 01 September 1999
... the experiment of tolerating higher inflation
was seen to be associated with an increase in rates of unemployment,
a profound sense of crisis arose among econometricians, economists in
general, and Keynesian economists in particular. Inflation had pro-
duced a “general crisis of capitalism...
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