Is there scientific progress in macroeconomics? The case of the NAIRU

Dany LangMark Setterfield
Written By SCEPA

WORKING PAPER

DOWNLOAD PDF

(323 KB)

This paper investigates recent developments in the literature that estimates the NAIRU.

We argue that recent developments remove the NAIRU from the domain of testable hypotheses and transform the concept into an article of faith. This does not constitute scientific progress.

SCEPA
Previous

50-Year Overview from The Global Consumption And Income Project (GCIP)
Next

The Hispanic Health Paradox