Research

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

May 6, 2015

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.

Authors: Dany Lang, Mark Setterfield
Download PDF

About SCEPA

SCEPA works to focus the public economics debate on the role government can and should play in the real productive economy - that of business, management, and labor - to raise living standards, create economic security, and attain full employment.