* is determined also by other factors such as money, the ERU need not be constant. Even when u = ERU[REH] for each separate year, then
might still have an erratic development over the years. Similarly, the CWIRU can be an ERU[REH], but need not be. It can even be that
= E[
] but expectations are not REH - since the error is not white noise.
For full employment, policy is successful, if and only if u = uf and
=