It is then argued that, whereas Monetarism brought about a revival of the quantity theory of money from the limbo into … despite the fact that, initially, RE-NC economics appeared to be a mainly technical extension and refinement of Monetarism …

economists to engage with Phillips' famous unemployment/wage-inflation analysis, now referred to as the Phillips curve. They … formulated the first unemployment/price-inflation version of the Phillips curve and were the first to interpret the Phillips … careful reconstruction and assessment of their original formulation, documenting the close relationship between the wage-inflation …

This paper argues that the natural rate of unemployment hypothesis, in which equilibrium unemployment is determined by …, equilibrium unemployment is haunted by hysteresis. The curious history of the natural rate hypothesis is considered, curious … evidence regarding hysteresis effects on output and unemployment is then reviewed. The implications for macroeconomic policy …

It is then argued that, whereas Monetarism brought about a revival of the quantity theory of money from the limbo into … despite the fact that, initially, RE-NC economics appeared to be a mainly technical extension and refinement of Monetarism …

. It is then argued that, whereas Monetarism brought about a revival of the quantity theory of money from the limbo into … despite the fact that, initially, RE-NC economics appeared to be a mainly technical extension and refinement of Monetarism …

unemployment. Our model succeeds in replicating the empirical fact of a downward sloping Phillips curve for low inflation rates and …, when inflation exceeds a certain threshold, money is too costly to hold, which results in a decrease in output and an …We develop a dynamic general equilibrium model to analyze the relationship between monetary policy, money demand, and …

disequilibrium are considered to be the crucial cause of market failure in the Walrasian economy. The Walrasian price mechanism … stochastic general equilibrium models are unnecessary and impossible. Second, Keynes’ unemployment equilibrium is realized due to … market failure in the Walrasian economy. Therefore, involuntary unemployment is caused not by the price aspect but by …