natural rate of unemployment

Publication date: 23 Apr 2018 | Publication type: NIESR Discussion Paper | Theme: Macroeconomics | External authors: Bell, D, Blanchflower, D | JEL classification: J3, E1, E5 | NIESR discussion paper number: 492
There remains a puzzle around the world over why wage growth is so benign given the unemployment rate has returned to pre-recession levels. It is our contention that a considerable part of the explanation is the rise in underemployment which rose in the Great Recession but has not returned to pre-...
Publication date: 29 Mar 2018 | Publication type: NIESR Discussion Paper | Theme: Macroeconomics | Authors: Farmer, R | JEL classification: E3, E4 | NIESR discussion paper number: 491
I review the contribution and influence of Milton Friedman’s 1968 presidential address to the American Economic Association. I argue that Friedman’s influence on the practice of central banking was profound and that his argument in favour of monetary rules was responsible for thirty years of low...