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Time to Ditch the Natural Rate?

  • A. J. Hagger
  • Nicolaas Groenewold
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    We urge macroeconomists to abandon the 'natural rate' as an analytical device on the ground that it has become a source of great and growing confusion. But we press them to recognise that it has great potential as a policy tool provided we grasp the central idea of a hypothetical unemployment rate, which can be compared with the actual unemployment rate. We integrate three hypothetical unemployment rates with the help of an exploratory macro model and then present a quarterly series for each for Australia for the period 1986(2) to 1997(2). We explain how such series could help in policy-making. Copyright 2003. The Economic Society of Australia.

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    Article provided by The Economic Society of Australia in its journal The Economic Record.

    Volume (Year): 79 (2003)
    Issue (Month): 246 (09)
    Pages: 324-335

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    Handle: RePEc:bla:ecorec:v:79:y:2003:i:246:p:324-335
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