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The Equilibrium Rate of Unemployment and the Real Exchange Rate: An Unobserved Components System Approach
Lindblad, Hans; Sellin, Peter - Sveriges Riksbank - 2003
. Our results show that the Natural Rate/NAIRU has increased by approximately 1.5 percentage points since the 1970s, driven …
Persistent link: https://www.econbiz.de/10005423757
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A Simultaneous Model of the Swedish Krona, the US Dollar and the Euro
Lindblad, Hans; Sellin, Peter - Sveriges Riksbank - 2006
In this paper we simultaneously estimate the real exchange rates between the Swedish Krona, the US Dollar and the Euro. A prime candidate for explaining the exchange rate movements is relative potential output. Since this variable is unobservable, cyclical and potential output are estimated in...
Persistent link: https://www.econbiz.de/10005190802
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U.S. natural rate dynamics reconsidered
Bårdsen, Gunnar; Nymoen, Ragnar - Økonomisk institutt, Universitetet i Oslo - 2006
Several features of the U.S. natural rate of unemployment are reconsidered through specification and testing of econometric models. Traditionally, the choice has been between a wage Phillips curve model, PCM, or an equilibrium correction wage curve model, WECM. The models proposed in this paper...
Persistent link: https://www.econbiz.de/10005198069
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Is the NAIRU More Useful in Forecasting Inflation than the Natural Rate of Unemployment?
Claar, Victor V - Volkswirtschaftliche Fakultät, … - 2002
Recent studies have indicated that the terms 'NAIRU' (non-accelerating inflation rate of unemployment) and 'natural … rate of unemployment' are not interchangeable. While NAIRU is an empirical macroeconomic relationship estimated via a … natural rate of unemployment relative to the NAIRU. The natural rate of unemployment in the USA since the Second World War is …
Persistent link: https://www.econbiz.de/10005835658
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Will the (German) NAIRU Please Stand up?
Franz, Wolfgang - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2003
" (NAIRU) for Germany. There are quite a few obstacles to perceiving the NAIRU as an understandable and easy-to-use analytical …, cointegration issues, and a time variability of the NAIRU and its confidence intervals. Despite many serious caveats a new attempt … is made to estimate a NAIRU for Germany based on conventional Phillips curves as well as on new approaches such as using …
Persistent link: https://www.econbiz.de/10005097479
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Testing Steady-State Implications for the NAIRU
Bårdsen, Gunnar; Nymoen, Ragnar - Institutt for Samfunnsøkonomi, Norges … - 2000
Estimates of the NAIRU are usually derived either from a Phillips curve or from a wage curve. This paper investigates … the correspondence between the operational NAIRU-concepts and the steady state of a dynamic wage-price model. We derive …
Persistent link: https://www.econbiz.de/10005573916
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Estimating Nairu for the Turkish Economy Using Extended Kalman Filter Approach
Us, Vuslat - Türkiye Cumhuriyet Merkez Bankası - 2014
This paper estimates NAIRU (Non-Accelerating Inflation Rate of Unemployment) for the Turkish economy as an unobserved … unemployment gap, the systems approach imposes stochastic laws of motion for NAIRU and potential output and also assumes the … problem introduces nonlinearity, which requires the use of Extended Kalman Filter (EKF). Estimation results suggest that NAIRU …
Persistent link: https://www.econbiz.de/10010941465
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The Concept, Policy Use and Measurement of Structural Unemployment: Estimating a Time Varying NAIRU Across 21 OECD Countries
Richardson, Pete; Boone, Laurence; Giorno, Claude; … - Economics Department, Organisation de Coopération et … - 2000
The structural rate of unemployment and associated non-accelerating inflation rate of unemployment (the NAIRU) are of … representing the NAIRU as currently used by the OECD in its policy analysis and surveillance work. Three distinct classes of NAIRU … applied ...<BR><P>Les concepts de taux de chômage structurel et NAIRU (<I>non accelerating inflation rate of unemployment …
Persistent link: https://www.econbiz.de/10005046182
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Оценивание равновесного реального обменного курса российского рубля
Shumilov, Andrei; Sosunov, Kirill - Volkswirtschaftliche Fakultät, … - 2005
Following methodological approach proposed by Edwards, the paper estimates empirically Russia's equilibrium real exchange rate (ERER) for the period 1995–2003. ERER is defined as the relative price of non-tradables to tradables consistent with the simultaneous achievement of internal and...
Persistent link: https://www.econbiz.de/10011259205
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Oil wealth and real exchange rates: The FEER for Norway
Akram, Q. Farooq - Norges Bank - 2004
It is often argued that Norway’s sizeable net foreign assets based on its petroleum wealth imply an appreciation of its real exchange rate to a permanently strong level. We investigate this issue within the framework of the fundamental equilibrium real exchange rate (FEER) approach. It is...
Persistent link: https://www.econbiz.de/10005292510