Structural changes in the construction industry and the automobile industry in the mid- to late 2000s, as explained in Chapter 17, may have resulted in
Structural changes in the construction industry and the automobile industry in the mid- to late 2000s, as explained in Chapter 17, may have resulted in a new higher natural rate of unemployment. How would an increase in the natural rate of unemployment affect the short-run Phillips curve? Consider both the unemployment rate version of the Phillips curve and the output gap version of the Phillips curve.
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Authors: R Glenn Hubbard ,Anthony Patrick O'Brien
1st Edition
013255352X, 978-0132553520
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