Spinning wheels

[Tom.Weisskopf@xxxxxxxxxxxxxxx]

To answer Peter D., (1) I misinterpreted his reference to "relative input
prices" to mean the relative prices of different inputs; but there remains
a substantive difference in my inclusion of productivity changes in the
scope of supply shocks.  On why (2) I think there is a long-run tendency
for actual unemployment to gravitate toward the NAIRU (whatever the
latter depends on), please refer to my earlier postings -- and the ceteris
paribus assumption (vis-a-vis the money supply in particular) contained
therein.  One thing I am in full agreement with Peter on is that it
is time for others to pick up the pieces of this discussion -- if anyone
out there is still interested!       Cheers,  <Tom>