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Die NAIRU – eine post-keynesianische Interpretation

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  • Eckhard Hein

    () (Wirtschafts- und Sozialwissenschaftliches Institut in der Hans-Boeckler-Stiftung)

Abstract

In this paper the New Keynesian long run equilibrium view of a non-accelerating-inflation-rate-of-unemployment (NAIRU) determined by structural characteristics of the labour market, wage bargaining institutions and social benefit systems is challenged by a Post-Keynesian view. In a Post-Keynesian model the NAIRU can only be interpreted as a short run barrier to employment arising from inflation fuelled by distribution conflict, which is enforced by monetary policies. In the long run, the development of the NAIRU follows actual unemployment and hence effective demand. Different adjustment channels are identified. It is also shown that effective coordination of wage bargaining is a better means to stabilise inflation rates and employment than monetary policies.

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Bibliographic Info

Article provided by Edward Elgar in its journal Intervention. European Journal of Economics and Economic Policies (subtitle initially: Zeitschrift fuer Oekonomie / Journal of Economics).

Volume (Year): 1 (2004)
Issue (Month): 1 ()
Pages: 43-66

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Handle: RePEc:int:journl:v:1:y:2004:i:1:p:43-66

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Web page: http://www.e-elgar.com/journals/journal_main.lasso?ref=EJEEP

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Citations

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Cited by:
  1. Truger, Achim & Hein, Eckhard, 2004. "Macroeconomic co-ordination as an economic policy concept : opportunities and obstacles in the EMU," WSI Discussion Papers 125, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  2. Hein, Eckhard & Schulten, Thorsten, 2004. "Unemployment, Wages and Collective Bargaining in the European Union," WSI Discussion Papers 128, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  3. Niechoj, Torsten & Hein, Eckhard, 2004. "Leitlinien für ein dauerhaftes Wachstum in der EU? Konzept und Wirkung der Grundzüge der Wirtschaftspolitik," WSI Discussion Papers 126, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  4. Truger, Achim, 2004. "Verteilungs- und beschäftigungspolitische Risiken aktueller Steuerreformkonzepte: Eine Analyse mit Steuerbelastungsvergleichen für konkrete Haushaltstypen," WSI Discussion Papers 120, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  5. Seifert, Hartmut & Tangian, Andranik, 2007. "Flexicurity: Reconciling Social Security with Flexibility - Empirical Findings for Europe," WSI Discussion Papers 154, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  6. Tangian, Andranik, 2008. "On the European readiness for flexicurity: Empirical evidence with OECD/HBS methodologies and reform proposals," WSI Discussion Papers 160, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  7. Truger, Achim, 2003. "Germany's Poor Economic Performance in the Last Decade: It's the Macroeconomy, not Institutional Sclerosis," WSI Discussion Papers 118, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  8. Pusch, Toralf, 2007. "Verteilungskampf und geldpolitische Sanktion," Working Papers on Economic Governance 23, University of Hamburg, Department of Socioeconomics.
  9. Truger, Achim & Schulten, Thorsten & Hein, Eckhard, 2004. "Wage trends and deflation risks in Germany and Europe," WSI Discussion Papers 124, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  10. Tangian, Andranik & Seifert, Hartmut, 2006. "Globalization and deregulation : Does flexicurity protect atypically employed?," WSI Discussion Papers 143, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  11. Engelbert Stockhammer & Simon Sturn, 2008. "The Impact of Monetary Policy on Unemployment Hysteresis," IMK Working Paper 15-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  12. Tangian, Andranik, 2012. "Statistical test for the mathematical theory of democracy," WSI Discussion Papers 179, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
  13. Tangian, Andranik, 2007. "Flexibility-Flexicurity-Flexinsurance: Response to the European Commission's Green Paper "Modernising Labour Law to Meet the Challenges of the 21st Century"," WSI Discussion Papers 149, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.

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