Working papers, Department of Economics, WU (Wirtschaftsuniversität Wien)
Is the NAIRU theory a Monetarist, New Keynesian, Post Keynesian or a Marxist theory?
Abstract: The NAIRU theory has become the mainstream theory in
explaining unemployment in Europe and is often used to justify demands for
a cutback of the welfare state, reducing unemployment benefits, reducing
minimum wages, decentralizing collective bargaining etc. Close inspection
reveals that it nonetheless shares some arguments with Post Keynesian and
even Marxist theory. The paper proposes an underdetermined, encompassing
NAIRU model, which is consistent with several theoretical tradtions.
Depending on the closure with respect to demand formation and determination
of the NAIRU itself, the model allows for New Keynesian, Post Keynesian and
JEL-Codes: B50; E12; E24; (follow links to similar papers)
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Design Joakim Ekebom