Meyer, Laurence H.; Swanson, Eric T.; Wieland, Volker W. - Federal Reserve Board (Board of Governors of the … - 2001
Meyer (1999) has suggested that episodes of heightened uncertainty about the NAIRU may warrant a nonlinear policy response to changes in the unemployment rate. This paper offers a theoretical justification for such a nonlinear policy rule, and provides some empirical evidence on the relative...
