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Reflections on the Natural Rate Hypothesis
Open accessAbstract
Does the deviation of unemployment from some natural rate provide a robust and useful way to predict changes in the inflation rate? Can economists explain why the NAIRU changes over time? Is the NAIRU a useful way to frame policy discussions despite the uncertainty surrounding its precise level? The NAIRU hypothesis passes all three tests. Recent research shows that the NAIRU has fallen dramatically in the last decade. This paper refutes the need for a highly restrictive bias in macroeconomic policy because small deviations from the NAIRU will lead to only small, possibly easily correctable, changes in the inflation rate.
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Citations
Cited by
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The impact of public spending on health: does money matter?
Filmer, D., & Pritchett, L. (1999) · Social Science & Medicine · doi:10.1016/s0277-9536(99)00150-1 · Cited by 788
Is Globalization Reducing Poverty and Inequality?
Wade, R. H. (2004) · World Development · doi:10.1016/j.worlddev.2003.10.007 · Cited by 649
The Lost Decades: Developing Countries' Stagnation in Spite of Policy Reform 1980–1998
Easterly, W. (2001) · Journal of Economic Growth · doi:10.1023/a:1011378507540 · Cited by 561
Metadata
- Authors
- Stiglitz, J.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 1997-02-01
- Volume
- 11
- Issue
- 1
- Pages
- 3-10
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2127808655
- Cited by
- 664
- References
- 0
- FWCI
- 102.90
- Type
- journal article
- Language
- en
- Open access
- bronze
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- Stiglitz, J. (1997). Reflections on the Natural Rate Hypothesis. Journal of Economic Perspectives. https://doi.org/10.1257/jep.11.1.3
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
