LEADER 03307nam 2200625 a 450 001 9910457889703321 005 20200520144314.0 010 $a0-674-06324-4 024 7 $a10.4159/harvard.9780674063242 035 $a(CKB)2550000000081461 035 $a(OCoLC)773264491 035 $a(CaPaEBR)ebrary10522596 035 $a(SSID)ssj0000570958 035 $a(PQKBManifestationID)11390471 035 $a(PQKBTitleCode)TC0000570958 035 $a(PQKBWorkID)10611578 035 $a(PQKB)11387975 035 $a(MiAaPQ)EBC3301031 035 $a(DE-B1597)178129 035 $a(OCoLC)816331570 035 $a(DE-B1597)9780674063242 035 $a(Au-PeEL)EBL3301031 035 $a(CaPaEBR)ebr10522596 035 $a(EXLCZ)992550000000081461 100 $a20110505d2012 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMacroeconomics beyond the NAIRU$b[electronic resource] /$fServaas Storm and C. W. M. Naastepad 210 $aCambridge, Mass. $cHarvard University Press$dc2012 215 $a1 online resource (304 p.) 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a0-674-06227-2 320 $aIncludes bibliographical references and index. 327 $aThe power of ideas -- The weakness of the evidence -- A growth model -- The OECD productivity regime -- OECD demand regimes -- The generalization of the NAIRU theory -- Europe's Nordic model -- Macroeconomics beyond the NAIRU. 330 $aEconomists 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 unemployment and sustained inequality.Skillfully merging theoretical and empirical analysis, Storm and Naastepad show how the NAIRU's neglect of labor's impact on technological change and productivity growth eclipses the many positive contributions that labor and its regulation make to economic performance. When these positive effects are taken into account, the authors contend, a more humane policy becomes feasible, one that would enhance productivity and technological progress while maintaining profits, thus creating conditions for low unemployment and wider equality. 606 $aNatural rate of unemployment 606 $aMacroeconomics 606 $aMonetary policy 608 $aElectronic books. 615 0$aNatural rate of unemployment. 615 0$aMacroeconomics. 615 0$aMonetary policy. 676 $a339 700 $aStorm$b Servaas$01031458 701 $aNaastepad$b C. W. M.$f1961-$01031459 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910457889703321 996 $aMacroeconomics beyond the NAIRU$92448859 997 $aUNINA