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Replication data for: Should We Reject the Natural Rate Hypothesis?

Version
V0
Resource Type
Dataset
Creator
  • Blanchard, Olivier
Publication Date
2018-01-04
Description
  • Abstract

    Fifty years ago, Milton Friedman articulated the natural rate hypothesis. It was composed of two sub-hypotheses: First, the natural rate of unemployment is independent of monetary policy. Second, there is no long-run trade-off between the deviation of unemployment from the natural rate and inflation. Both propositions have been challenged. The paper reviews the arguments and the macro and micro evidence against each. It concludes that, in each case, the evidence is suggestive, but not conclusive. Policymakers should keep the natural rate hypothesis as their null hypothesis, but keep an open mind and put some weight on the alternatives.
Availability
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Relations
  • Is supplemented by
    DOI: 10.1257/jep.32.1.97 (Text)
Publications
  • Blanchard, Olivier. “Should We Reject the Natural Rate Hypothesis?” Journal of Economic Perspectives 32, no. 1 (February 2018): 97–120. https://doi.org/10.1257/jep.32.1.97.
    • ID: 10.1257/jep.32.1.97 (DOI)

Update Metadata: 2019-10-13 | Issue Number: 1 | Registration Date: 2019-10-13

Blanchard, Olivier (2018): Replication data for: Should We Reject the Natural Rate Hypothesis?. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E114008