The non-accelerating inflation rate of unemployment (NAIRU) is not directly observable and the presence of informal … workers imposes an additional challenge in its estimation. Countries with large informal sectors, traditional measures might … formal job. In this paper, we present an estimation of the traditional NAIRU for Mexico and an alternative measure that …

We propose that the natural rate of unemployment has an active role in the business cycle, in contrast to the … Phillips-curve framework of low - often extremely low - response of inflation to unemployment could be the result of fairly … most Phillips-curve studies, that conclude that inflation has little relation to unemployment. We suggest that the flat …

The natural rate hypothesis states that there exists an unemployment rate at which inflation is stable, and that this … unemployment rate is independent of aggregate demand shocks. The hysteresis hypothesis, in contrast, states that the long run … unemployment rate can be affected by aggregate demand shocks. While policy makers have warned of the risk of hysteresis since the …

Die Bekämpfung der Arbeitslosigkeit genießt oberste wirtschaftspolitische Priorität - dieser Feststellung wird kaum …

The authors derive an estimate of the Federal Reserve's assessment of the natural rate of unemployment in real time … about the natural rate of unemployment from the dynamics of inflation, aggregate demand, and the functioning of the labor … that would have been achieved by using a different estimate of the natural rate of unemployment is typically small. …