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Time to Ditch the Natural Rate?

出版	SSRN, 2003
URL	http://books.google.com.hk/books?id=p7jazwEACAAJ&hl=&source=gbs_api

註釋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.