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This note gives a brief survey of main theoretical and empirical issues with respect to the NAIRU concept. According to modern labour market literature NAIRU is defined as the rate of unemployment at which inflation stabilizes in the absence of any wage-price surprises. Conventional thinking...
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Austria is among the very few countries in the European Union which have managed to maintain comparatively low … high degree of real wage flexibility in Austria. However, we also found evidence for outsider effects in the Austrian wage …, appear to be rather rigid. -- Austrian labour market ; real wage flexibility in Austria ; labour market dynamics ; relative …
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