Horst, Albert van der; Jacobs, Jan; Schoonbeek, Lambert - SOM Research Institute, Faculteit Economie en Bedrijfskunde - 1996
The Non-Accelerating Inflation Rate of Unemployment (NAIRU) is an appealing theoretical concept with strong … macroeconomic policy implications. In practice, NAIRU's can be computed from estimated wage and price equations running in growth … rates or in levels. In this paper we specify and estimate wage and price equations that enable NAIRU computation using …