Challenges facing natural rate theory

European Economic Review

Volumn 41, Issue 3-5, 1997, Pages 535-547

  Bianchi, Marco ^a   Zoega, Gylfi ^b  

^a BANK OF ENGLAND   (United Kingdom)

^b UNIVERSITY OF LONDON   (United Kingdom)

Author keywords

Markov switching regression model; Shifting mean value model; Unemployment persistence

Indexed keywords

LABOUR MARKET; NATURAL RATE HYPOTHESIS; UNEMPLOYMENT DATA;

FRANCE; UK; USA;

EID: 0031412467     PISSN: 00142921     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0014-2921(97)00020-2     Document Type: Article

References (34)

1. Barro, R.J., 1977, Unanticipated money growth and unemployment in the United States, American Economic Review 67, 101-115.
2. Barro, R.J., 1978, Unanticipated money, output and price level in the United States, Journal of Political Economy 86, 549-580.
3. Bean, C.R., 1994, European unemployment: A retrospective, European Economic Review 38, 523-534.
4. Bianchi, M. and G. Zoega, 1994, Unemployment persistence: Does the size of the shock matter?, Discussion paper no. 1082 (Revised version, September, 1996) (CEPR, London).
5. Blanchard, O.J. and L.H. Summers, 1986, Hysteresis and the European unemployment problem, NBER macroeconomics annual (MIT Press, Cambridge, MA).
6. Blanchard, O.J. and L.H. Summers, 1988, Beyond the natural rate hypothesis, American Economic Review 78, 182-187.
7. Blanchard, O.J. and P.A. Diamond, 1994, Ranking, unemployment duration and wages, Review of Economic Studies 61, 417-434.
8. Bruno, M. and J.D. Sachs, 1985, Economics of worldwide stagflation (Basil Blackwell, Oxford).
9. Darby, J. and S. Wren-Lewis, 1993, Is there a cointegrating vector for UK wages?, Journal of Economic Studies 2, nos. 1/2, 87-115.
10. Diamond, P., 1982, Aggregate demand in search equilibrium, Journal of Political Economy 90, 881-894.
11. Friedman, M., 1968, The role of monetary policy, American Economic Review 58, 1-17.
12. Hamilton, J.D., 1989, A new approach to the economic analysis of nonstationary time series and the business cycle, Econometrica 57, 357-384.
13. Hamilton, J.D., 1993, Estimation, inference and forecasting of time series subject to changes in regime, In: G.S. Maddala, C.R. Rao and H.D. Vinod, eds., Handbook of statistics, Vol. 11, ch. 9 (North-Holland, Amsterdam).
14. Hoon, Hian-Teck and Edmund S. Phelps, 1992, Macroeconomic shocks in a dynamized model of the natural rate of unemployment, American Economic Review 82, 889-900.
15. Layard, R. and S. Nickell, 1987, The labour market, In: R. Dornbusch and R. Layard, eds., The performance of the British economy (Clarendon Press, Oxford).
16. Layard, R. and C. Bean, 1989, Why does unemployment persist?, Scandinavian Journal of Economics XCI, 371-396.
17. Layard, R., S.J. Nickell and R. Jackman, 1991, Unemployment: Macroeconomic performance and the labour market (Oxford University Press, Oxford).
18. Lindbeck, A. and D.J. Snower, 1986, Wage setting, unemployment and insider-outsider relations, American Economic Review 76, 235-239.
19. Lindbeck, A. and D.J. Snower, 1988, The insider-outsider theory of employment and unemployment (MIT Press, Cambridge, MA).
20. Lindbeck, A. and D.J. Snower, 1989, Macroeconomic policy and insider power, American Economic Review 79, 370-376.
21. Manning, A., 1990, Imperfect competition, multiple equilibria and unemployment policy, Economic Journal, Supplement, 100, 151-162.
22. Manning, A., 1991, Productivity growth, wage setting and the equilibrium rate of unemployment, NBER conference on unemployment and wage determination (NBER, Cambridge, MA).
23. Modigliani, F., 1987, Reducing unemployment in Europe: The role of capital formation, Technical report in: R. Layard and L. Calmfors, eds., The fight against unemployment: Macroeconomic papers from the Centre for European Policy Studies (MIT Press, Cambridge MA).
24. Okun, Arthur M., 1973, Upward mobility in a high-pressure economy, Brookings Papers on Economic Activity, no. 1, 207-252.
25. Phelps, E.S., 1967, Phillips curves, expectations of inflation and optimal unemployment over time, Economica 34, 254-281.
26. Phelps, E.S., 1968, Money wage dynamics and labor market equilibrium, Journal of Political Economy 76, 678-711.
27. Phelps, E.S., 1972, Inflation policy and unemployment theory: The cost-benefit approach to monetary planning (W.W. Norton & Co., New York).
28. Phelps, E.S., 1994, Structural slumps: The modern equilibrium theory of unemployment, interest and assets (Harvard University Press, Cambridge, MA).
29. Pissarides, C.A., 1990, Equilibrium unemployment theory (Basil Blackwell, Oxford).
30. Pissarides, C.A., 1992, Loss of skill during unemployment and the persistence of employment shocks, Quarterly Journal of Economics 4, 1371-1392.
31. Sachs, Jeffrey D. and Howard J. Shatz, 1994, Trade and jobs in U.S. manufacturing, Brookings Papers on Economic Activity, 1, 1-69.
32. Shapiro, C. and J.E. Stiglitz, 1984, Equilibrium unemployment as a worker discipline device, American Economic Review 74, 433-444.
33. Summers, L.H., 1990, Understanding unemployment (The MIT Press, Cambridge, MA).
34. Wood, Adrian, 1994, North-south trade, employment and inequality: Changing fortunes in a skill driven world (Clarendon Press, Oxford).