Two Keynesians

Here are two presentations from 2013 with Laurance Ball and Engelbert Stockhammer on unemployment. An introduction & illustration of some theoretical differences. Ball argues from a New Keynesian view that hysteresis may cause a long run increase in unemployment, and stresses the importance of monetary policy (more text here and here). Stockhammer argues that a long run NAIRU is probably a bad explanation for the development of unemployment in the OECD countries, based on a Post Keynesian view, instead focusing on capital accumulation (more text here and here).




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