On Nov 18, 2006, at 4:04 PM, tfast wrote:
> My personal favorite is the claim that "the natural rate hypothesis
> has
> strong empirical support." It damn well should given it is
> defined as
> close to whatever the existing rate of unemployment happens to be.
Yeah, it keeps moving around. Reminds me of those hardy monetarists, who are like those old Japanese soldiers hiding in trees who wouldn't believe the war was over, mutter about "long and variable lags."
Doug