Is The Nairu Theory A Monetarist, New Keynesian, Post Keynesian Or A Marxist Theory?
AbstractThe NAIRU (non-accelerating inflation rate of unemployment) theory has become the mainstream theory in explaining unemployment in Europe and is often used to justify demands for a cutback of the welfare state, such as reducing unemployment benefits. Close inspection reveals that it, perhaps surprisingly, shares some arguments with Post Keynesian and even Marxist theory. The paper proposes an underdetermined, encompassing NAIRU model, which is consistent with several theoretical traditions. Depending on the closure with respect to demand formation and determination of the NAIRU itself, the model allows for New Keynesian, Post Keynesian and Marxist results. Copyright � 2008 The Author. Journal compilation � 2008 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Metroeconomica.
Volume (Year): 59 (2008)
Issue (Month): 3 (07)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0026-1386
Other versions of this item:
- Engelbert Stockhammer, 2006. "Is the NAIRU theory a Monetarist, New Keynesian, Post Keynesian or a Marxist theory?," Department of Economics Working Papers wuwp096, Vienna University of Economics, Department of Economics.
- B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
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