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Macroeconomics Beyond the NAIRU
Servaas Storm
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Description for Macroeconomics Beyond the NAIRU
Hardback. The authors make a strong case that a stable non-accelerating inflation rate of unemployment (NAIRU), independent of macroeconomic policy, does not exist. Consequently, government decisions based on the NAIRU are not only misguided but have huge and avoidable social costs, namely, high unemployment and sustained inequality. Num Pages: 304 pages, 27 graphs, 27 tables. BIC Classification: KCA; KCB; KCF; KCP. Category: (G) General (US: Trade). Dimension: 236 x 163 x 24. Weight in Grams: 564.
Economists and the governments they advise have based their macroeconomic policies on the idea of a natural rate of unemployment. Government policy that pushes the rate below this point-about 6 percent-is apt to trigger an accelerating rate of inflation that is hard to reverse, or so the argument goes. In this book, Storm and Naastepad make a strong case that this concept is flawed: that a stable non-accelerating inflation rate of unemployment (NAIRU), independent of macroeconomic policy, does not exist. Consequently, government decisions based on the NAIRU are not only misguided but have huge and avoidable social costs, namely, high ... Read more
Economists and the governments they advise have based their macroeconomic policies on the idea of a natural rate of unemployment. Government policy that pushes the rate below this point-about 6 percent-is apt to trigger an accelerating rate of inflation that is hard to reverse, or so the argument goes. In this book, Storm and Naastepad make a strong case that this concept is flawed: that a stable non-accelerating inflation rate of unemployment (NAIRU), independent of macroeconomic policy, does not exist. Consequently, government decisions based on the NAIRU are not only misguided but have huge and avoidable social costs, namely, high ... Read more
Product Details
Publisher
Harvard University Press United States
Number of pages
304
Format
Hardback
Publication date
2012
Condition
New
Weight
563g
Number of Pages
304
Place of Publication
Cambridge, Mass, United States
ISBN
9780674062276
SKU
V9780674062276
Shipping Time
Usually ships in 7 to 11 working days
Ref
99-1
About Servaas Storm
Servaas Storm is Senior Lecturer in Economics at Delft University of Technology. C. W. M. Naastepad is Senior Lecturer in Economics at Delft University of Technology.
Reviews for Macroeconomics Beyond the NAIRU
A fascinating and important book on macroeconomic theory and practice
a voice of sanity in uncertain times.
Jayati Ghosh, Jawaharlal Nehru University The authors mount a powerful argument against the intellectual hegemony of NAIRU doctrine
an argument especially important in the wake of the economic crisis. Their case is strengthened by clear writing and coherent analysis of the data.
Lance Taylor, New School for ... Read more
a voice of sanity in uncertain times.
Jayati Ghosh, Jawaharlal Nehru University The authors mount a powerful argument against the intellectual hegemony of NAIRU doctrine
an argument especially important in the wake of the economic crisis. Their case is strengthened by clear writing and coherent analysis of the data.
Lance Taylor, New School for ... Read more