Have New Human Resource Management Practices Lowered the Sustainable Unemployment Rate?

and conference participants for their helpful comments. We thank Daniel Puskin and Yi Quan for dedicated research assistance and the Russell-Sage, Century and National Science Foundations (grant SBR-970925) for generous research support. Posen's work on this paper is part of IIE's project on " Globalization, the NAIRU, and Monetary Policy. " The views expressed here, and any remaining errors, are solely those of the authors, and not necessarily those of Brookings, IIE, or of any funding organization.