alone its measurement. Hence, the question arises whether the "non-accelerating inflation rate of unemployment"(NAIRU) may …

This paper provides new estimates of a timevarying NAIRU for Germany taking account of the structural break caused by … inflation rates is employed. Therefore, either the NAIRU concept is not applicable to Germany or, as it is our suggestion, one … inflation target put forward by the European Central Bank. The estimates presented in this paper suggest that the NAIRU …