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Die NAIRU – eine post-keynesianische Interpretation

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  • Eckhard Hein

    (Wirtschafts- und Sozialwissenschaftliches Institut in der Hans-Boeckler-Stiftung)

Abstract

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.

Suggested Citation

  • Eckhard Hein, 2004. "Die NAIRU – eine post-keynesianische Interpretation," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 1(1), pages 43-66.
    • Handle: RePEc:elg:ejeepi:v:1:y:2004:i:1:p:43-66
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    Cited by:

    1. Eckhard Hein & Torsten Niechoj, 2005. "Leitlinien für ein dauerhaftes Wachstum in der EU? Konzept und Wirkung der "Grundzüge der Wirtschaftspolitik"," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 31(1), pages 11-40.
    2. Gustav A. Horn & Katharina Dröge & Simon Sturn & Till van Treeck & Rudolf Zwiener, 2009. "Von der Finanzkrise zur Weltwirtschaftskrise (III)," IMK Report 41-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    3. Truger, Achim, 2004. "Verteilungs- und beschäftigungspolitische Risiken aktueller Steuerreformkonzepte: Eine Analyse mit Steuerbelastungsvergleichen für konkrete Haushaltstypen," WSI Working Papers 120, The Institute of Economic and Social Research (WSI), Hans Böckler Foundation.

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