Phelps, Edmund S - In: The Quarterly Journal of Economics 107 (1992) 3, pp. 1003-32
Though not conceived as a constant, the natural unemployment rate was taken to be invariant to supply shocks until the late 1970s and to real demand shocks until now. The largely micro-theoretic model here is one in a series deriving the natural rate path from general equilibrium. In this model,...
