Karanassou, Marika (contributor); Sala, Hector (contributor) - 2008
inthesensethatthemodelsdonotidentify
the factors underlying its changes. Mainstream PC models estimate the NRU (or the
NAIRU, the unemployment rate … existence ofadownwardslopingPC
1
Tobin (1998) argues that the NAIRU and NRU are not synonymous. However, such a distinction … (NAIRU) becomes relevant when expectations are not
fulfilled and, thus, there is a tradeoff between inflation acceleration and …