…no matter the labels thrown upon them, going back 1000s of years. Its recurring features — concentrated power, weak accountability mechanisms, suppression of organized opposition — are structural problems of…

…that Real Business Cycle Theory can actually explain any significant portion of Business Cycles in either direction; that NAIRU is a workable concept, even as “skill shortages” cause it to…

…rate near zero when unemployment gets down near the non accelerating inflation rate (NAIRU). People with this view tend to argue that the Fed could have convinced people that it…

…the economy is back to normal — a promise to create inflation in the distant future by driving unemployment below the NAIRU is not credible. So I don’t think that…

…is it getting such vehement advocacy now (with only Scott Sumner—whose model has the virtue of being consistent—throwing out cautionary notes from the conservative side)?* Is the NAIRU for post-2001…

…policy elites don’t dare concede the futility of fiscal austerity. Hence, they resort to invoking theories like the “equilibrium unemployment rate”, or “non-accelerating inflation rate of unemployment “(NAIRU, for short),…

…Menzie Chinn discusses types of unemployment, and, implicitly, suggests that those who are arguing that structural unemployment (and, therefore, NAIRU) has risen are incorrect. James Hamilton notes that TARP was…

…this) then have high inflation once it returns to normal (by making unemployment lower than the NAIRU). This means that long term bonds will be cheap (have high yield) and…

…fiscal policy to keep the unemployment rate exactly at the NAIRU. Since writing the post, Krugman has been wondering why Obama is so much less ambitious. I try to explain…

…employment, his left-leaning Keynesian position has merit. While “hot” is an ambiguous term, some economists would note that NAIRU and full employment may have different meanings. Let’s recall that there…