Hysteresis, the Phillips curve and the costs of monetary union
If actual unemployment affects the non-accelerating inflation rate of unemployment (NAIRU) through a hysteresis effect, the disinflation involved in reducing a country's inflation rate to that of its future partners in a monetary union could produce a long term cost to monetary union in the form of a lasting rise in the NAIRU. This note sets out a framework for analysing the likelihood of such an eventuality.
Year of publication: |
1998
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Authors: | Cobham, David ; Williams, Steve |
Published in: |
Applied Economics Letters. - Taylor & Francis Journals, ISSN 1350-4851. - Vol. 5.1998, 8, p. 477-480
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Publisher: |
Taylor & Francis Journals |
Saved in:
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