From Full Employment to the Natural Rate of Unemployment: A Survey

Thierry Warin

Middlebury College Working Paper Series from Middlebury College, Department of Economics

Abstract: On its face, unemployment seems to be a concept easy to grasp. But when one looks closer, the intricacies are numerous and assump-tions are multiple. Nowadays, the New Classical School is a bit closer to New Keynesianism than ever before. It still has a strong footprint in Monetarism, since in the long run, there is no interest in stabilizing an economy. But unlike the Classical school, the New Classical School concedes that in the short run things are much more complicated. If Keynes was right when he said, “in the long run, we are all dead,” one may even conclude that the New Classi-cal School is far more Keynesian than it first appears.

Keywords: full employment; underemployment; unemployment; natural rate hypothesis; natural rate of unemployment (search for similar items in EconPapers)
JEL-codes: E4 E5 E6 H3 N0 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2006-01
New Economics Papers: this item is included in nep-mac and nep-pbe
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Persistent link: https://EconPapers.repec.org/RePEc:mdl:mdlpap:0601

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