Natural rate of unemployment or NAIRU

<p>Economics Explored host Gene Tunny discusses the natural rate of unemployment and the non-accelerating inflation rate of unemployment, the NAIRU. He considers whether they're the same thing, why they are important, and what affects them. </p><p>Links relevant to the episode include:</p><p><a href="https://www.aeaweb.org/aer/top20/58.1.1-17.pdf" target="_blank">Milton Friedman's 1967-68 AEA Presidential Address on the role of monetary policy</a></p><p><a href="https://www.kansascityfed.org/publications/research/eb/articles/2017/new-estimate-natural-rate-unemployment" target="_blank">Kansas City Fed paper on a new estimate of the natural rate of unemployment</a></p><p><a href="https://www.rba.gov.au/publications/bulletin/2017/jun/2.html" target="_blank">RBA paper on Estimating the NAIRU and the Unemployment Gap</a></p><p><a href="https://www.brookings.edu/blog/up-front/2019/03/06/what-is-u/" target="_blank">Brookings post on What is u*?</a></p><p><a href="https://www.frbsf.org/economic-research/publications/economic-letter/1998/september/the-natural-rate-nairu-and-monetary-policy/#natural" target="_blank">Carl E. Walsh on The Natural Rate, NAIRU, and Monetary Policy</a></p><p> </p>