European Journal of Economics and Economic Policies: Intervention

Die NAIRU – eine post-keynesianische Interpretation

Eckhard Hein


In this paper the New Keynesian long run equilibrium view of a non-accelerating-inflation-rate-of-unemployment (NAIRU) determined by structural characteristics of the labour market, wage bargaining institutions and social benefit systems is challenged by a Post-Keynesian view. In a Post-Keynesian model the NAIRU can only be interpreted as a short run barrier to employment arising from inflation fuelled by distribution conflict, which is enforced by monetary policies. In the long run, the development of the NAIRU follows actual unemployment and hence effective demand. Different adjustment channels are identified. It is also shown that effective coordination of wage bargaining is a better means to stabilise inflation rates and employment than monetary policies.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information