The NAIRU as a Theory of Equilibrium Unemployment
Assesses the NAIRU framework for analysing the determinants of equilibrium unemployment, as expressed in Layard, Nickell and Jackman's Unemployment: Macroeconomic Performance and the Labour Market. It is argued that the NAIRU has produced many useful insights regarding the effects of socio-economic factors on wage determination, but has not produced a plausible account of the determination of equilibrium unemployment.
Volume (Year): 20 (1993)
Issue (Month): 1/2 (January)
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