Review
" The 17 essays in this volume discuss the theoretical foundations, dynamics, empirical status, and political economy of the natural rate hypothesis. They reflect the vigor with which we might expect both proponents and critics to discuss a concept of such central importance. Cross should be applauded for the breadth of his perspective on the natural rate. He has marshalled a wide variety of papers into a volume that is particularly good at highlighting recent advances and which, ultimately, no macroeconomist will want to be without." Mark Setterfield, Eastern Economic Journal


Book Description
The natural rate of unemployment hypothesis proposed in the 1960s has dominated thought about the causes of, and possible solutions to, unemployment. It asserts that only supply-side measures can achieve sustainable reductions in unemployment. In the 1980s, however, European unemployment rates rose sharply, despite supply-side innovations to economic policy inspired by the hypothesis. These essays reflect retrospectively on the state of the hypothesis and look forward to the emergence of a new wisdom regarding unemployment.

FROM THE PUBLISHER