In the last months, the world's economies were confronted with the largest economic recession since the Great Depression. The occurrence of a worldwide financial market meltdown as a consequence originally stemming from of the crisis in the US subprime housing sector was only prevented by...

We estimate the Non-Accelerating Inflation Rate of Unemployment (NAIRU) for Mexico (2002Q1-2018Q2) with Ball and Mankiw's (2002) methodology using the Generalized Method of Moments. We prove that, with this methodology, the calculation of NAIRU is more efficient than the one calculated with the...

A macroeconomic model can depict employment only if it includes an account of the organisation of production. Keynes and many Keynesian writers have retained a neoclassical view of production, with fixed, technically efficient production functions; such a view is restrictive and neglects the...

This paper argues that the natural rate of unemployment hypothesis, in which equilibrium unemployment is determined by 'structural' variables alone, is wrong: it is both implausible and inconsistent with the evidence. Instead, equilibrium unemployment is haunted by hysteresis. The curious...

This paper restates the post-Keynesian view of unemployment within a NAIRU framework. In the short run, the private effective labour demand need not be downward sloping because of debt deflation and wage-led demand regimes. In the medium run, the NAIRU will be endogenous because of the social...