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Re: [Pen-l] Re: The Natural Rate vs NAIRU

Maxim Linchits wrote:
> Thanks a lot for your help, Jim.

you're welcome! By the way, I promised to comment on the following:
>Also ... does the fact that real wages and quit rates tend to be procyclical make the natural rate theory fanciful nonsense? <

real wages aren't _strongly_ procyclical; the relationship between
real wages and the business cycle isn't very significant in
statistical terms, though it does depend on how they're measured. The
rise of quit rates as unemployment falls doesn't contradict the
natural rate theory as far as I can tell.
-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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