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

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, Jerome Henry, Frederic 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.