Works
- Inflation Policy and Unemployment Theory, 1972
In Thinking Tools
Known for
A macroeconomist who in this book introduced hysteresis to unemployment theory: a long spell of unemployment can become partly permanent as workers lose skills and grow discouraged. He received the 2006 Nobel Memorial Prize in Economic Sciences for his analysis of intertemporal tradeoffs in macroeconomic policy.
Caveat: Evidence for hysteresis in unemployment is mixed across countries and periods.