TY - UNPB
T1 - Is the NAIRU theory a Monetarist, New Keynesian, Post Keynesian or a Marxist theory?
AU - Stockhammer, Engelbert
PY - 2006
Y1 - 2006
N2 - The NAIRU theory has become the mainstream theory in explaining unemployment in Europe and is often used to justify demands for a cutback of the welfare state, reducing unemployment benefits, reducing minimum wages, decentralizing collective bargaining etc. Close inspection reveals that it nonetheless shares some arguments with Post Keynesian and even Marxist theory. The paper proposes an underdetermined, encompassing NAIRU model, which is consistent with several theoretical tradtions. Depending on the closure with respect to demand formation and determination of the NAIRU itself, the model allows for New Keynesian, Post Keynesian and Marxist results. (author's abstract)
AB - The NAIRU theory has become the mainstream theory in explaining unemployment in Europe and is often used to justify demands for a cutback of the welfare state, reducing unemployment benefits, reducing minimum wages, decentralizing collective bargaining etc. Close inspection reveals that it nonetheless shares some arguments with Post Keynesian and even Marxist theory. The paper proposes an underdetermined, encompassing NAIRU model, which is consistent with several theoretical tradtions. Depending on the closure with respect to demand formation and determination of the NAIRU itself, the model allows for New Keynesian, Post Keynesian and Marxist results. (author's abstract)
M3 - WU Working Paper
T3 - Department of Economics Working Paper Series
BT - Is the NAIRU theory a Monetarist, New Keynesian, Post Keynesian or a Marxist theory?
PB - Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business
CY - Vienna
ER -