Natural rate of unemployment or NAIRU

Economics Explored host Gene Tunny discusses the natural rate of unemployment and the non-accelerating inflation rate of unemployment, the NAIRU. He considers whether they're the same thing, why they are important, and what affects them. Links relevant to the episode include:Milton Friedman's 1967-68 AEA Presidential Address on the role of monetary policyKansas City Fed paper on a new estimate of the natural rate of unemploymentRBA paper on Estimating the NAIRU and the Unemployment GapBrookings post on What is u*?Carl E. Walsh on The Natural Rate, NAIRU, and Monetary Policy