Stefano Fantacone, Petya G. Garalova and Carlo Milani - 2015
Commission to calculate the structural budget balance. Starting from the direct relationship between this latter and the NAWRU … attention on the poor economic significance of the NAWRU and its large volatility over time. Finally, by the means of panel data … estimations, we find out that the NAWRU is correlated with the economic cycle, which implies pro-cyclical effects on structural …