Is the NAIRU theory a Monetarist, New Keynesian, Post Keynesian or a Marxist theory?

Engelbert Stockhammer

No 96, Department of Economics Working Paper Series from WU Vienna University of Economics and Business

Abstract: 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)

Keywords: NAIRU; unemployment; New Keynesian Economics; Post Keynesian Economics; Marxian Economics (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (2)

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Related works:
Journal Article: IS THE NAIRU THEORY A MONETARIST, NEW KEYNESIAN, POST KEYNESIAN OR A MARXIST THEORY? (2008)
Working Paper: Is the NAIRU theory a Monetarist, New Keynesian, Post Keynesian or a Marxist theory? (2006)
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