Horst, Albert van der; Jacobs, Jan; Schoonbeek, Lambert - SOM Research Institute, Faculteit Economie en Bedrijfskunde - 1996
The Non-Accelerating Inflation Rate of Unemployment (NAIRU) is an appealing theoretical concept with strong macroeconomic policy implications. In practice, NAIRU's can be computed from estimated wage and price equations running in growth rates or in levels. In this paper we specify and estimate...