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- Title
Time to Ditch the Natural Rate?
- Authors
Hagger, A.J.; Groenewold, Nicolaas
- Abstract
We urge macroeconomists to abandon the ‘natural rate’ as an analytical device on the ground that it has become a source of great and growing confusion. But we press them to recognise that it has great potential as a policy tool provided we grasp the central idea of a hypothetical unemployment rate, which can be compared with the actual unemployment rate. We integrate three hypothetical unemployment rates with the help of an exploratory macro model and then present a quarterly series for each for Australia for the period 1986(2) to 1997(2). We explain how such series could help in policy-making.
- Subjects
AUSTRALIA; UNEMPLOYMENT; MACROECONOMICS; HYPOTHESIS
- Publication
Economic Record, 2003, Vol 79, Issue 246, p324
- ISSN
0013-0249
- Publication type
Article
- DOI
10.1111/1475-4932.00107