Hysteresis and the Natural rate of Unemployment- A Review Article

Raghbendra Jha

Indian Economic Review, 1990, vol. 25, issue 2, 241-258

Abstract: The construction of a revised Keynesian paradigm has been firmly going on since the early eighties. This has broadly taken two routes. The first implicitly assumes that the long run aggregate supply and aggregate demand schedules determines a unique natural rate of output. It then tries to demonstrate that movements towards this natural rate are slow and dependent on monetary policy. The second approach holds that the natural rate itself is affected by the past history of unemployment implying non-uniqueness of the natural rate. This is a phenomenon of hysteresis which forms the subject matter of the volume under review.

Date: 1990
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