The last few years have been characterized by a significant renewal and development of post-Keynesian modelling (PKM hereafter). For obvious reasons, this growing interest has been reinforced since the 2007 crisis, a tragic event that has confirmed the relevance of PKM. The papers gathered in...

This paper assesses the Layard et al. (1991) NAIRU framework for explaining unemployment. Their approach is distinct from the natural rate of unemployment framework in that it postulates a short-run NAIRU influenced by 'hysteresis'. It is pointed out that this is not hysteresis in the meaning...