Cross, Rod; Lang, Dany - In: European Journal of Economics and Economic Policies: … 8 (2011) 2, pp. 317-340
This paper assesses the Layard et al. (1991) NAIRU framework for explaining unemployment. Their approach is distinct from the natural rate of unemployment framework in that it postulates a short-run NAIRU influenced by 'hysteresis'. It is pointed out that this is not hysteresis in the meaning...
