The late 1990s in Britain looks much more like a fall in the natural rate of unemployment than like the standard business cycle--either in its "overinvestment followed by crash and recession" or in its "inflation followed by central bank tightening" version.(posted 8777 days ago)But just because you can't see it in a single five-year period doesn't mean that it isn't there, waiting for you (or, rather, waiting for Gordon Brown).
Brad DeLong