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

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 …

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. …

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 …

traditional approach to the theory of money that stresses its means of exchange role. It suggests that, though there are …

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 …