Natural Rate of Unemployment

Milton Friedman

Delivered as Friedman's presidential address to the American Economic Association in December 1967, this paper argues that two decades of professional opinion had swung too far toward assigning …

Olivier Blanchard · Justin Wolfers

Blanchard and Wolfers argue that neither adverse macroeconomic shocks alone nor adverse labor market institutions alone can account for the two central facts about European unemployment: its rise from …

Olivier Blanchard · Lawrence F. Katz

Blanchard and Katz assess three decades of research on the determinants of the natural rate of unemployment and reach two main conclusions: that there has been considerable theoretical progress, …