A new method to estimate time variation in the NAIRU
William T. Dickens
Abstract
William T. Dickens
Abstract
NAIRU estimates are obtained from estimates of the Phillips curve – the relationship between the inflation rate on the one hand, and the unemployment rate, measures of inflationary expectations and variables representing supply shocks on the other.
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NAIRU estimates are obtained from estimates of the Phillips curve – the relationship between the inflation rate on the one hand, and the unemployment rate, measures of inflationary expectations and variables representing supply shocks on the other.
Key concepts: NAIRU, Phillips curve, Economics, Inflation (cosmology), Unemployment, Econometrics, Inflation rate, Keynesian economics