| Tekijä: | Phelps, E. S. Zoega, G. |
| Otsikko: | The rise and downward trend of the natural rate |
| Lehti: | American Economic Review
1997 : MAY, VOL. 87:2, p. 283-289 |
| Asiasana: | UNEMPLOYMENT WEALTH |
| Kieli: | eng |
| Tiivistelmä: | The naural unemployment rate seems to have taken a wild ride. The unemployment rose in the mid 1970's, dipped and rose again in the early 1980's. The impression formed that beneath the movement there was a major rise of the natural rate. Now the American unemployment rate has been back around its early 1970's level without rising inflation. Many experts infer that the natural rate is likewise back to its early 1970's level. The news on the importance of wealth, private and social , is mixed. Only one form of nonwage income turned out to have a significant coefficient: transfers received by households. Interest, dividend, and rental income all had insignificant coefficients. |
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