estimates the NAIRU. A necessary condition for the existence of a NAIRU is dynamic homogeneity: the Phillips curve should be … homogenous of degree one in lagged and/or expected inflation. But contemporary approaches to estimating the NAIRU typically … assume rather than test for dynamic homogeneity, thus assuming (rather than testing for) the existence of a NAIRU. We argue …

estimates the NAIRU. A necessary condition for the existence of a NAIRU is dynamic homogeneity: the Phillips curve should be … homogeneous of degree one in lagged and/or expected inflation. But contemporary approaches to estimating the NAIRU typically … assume rather than test for dynamic homogeneity, thus assuming (rather than testing for) the existence of a NAIRU. We argue …