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A Model for Estimation of NAIRU Extended by Demand Shocks and its Application to Business Cycle Analysis in the Labour Market in Hungary and Poland
Jasova, Emilie - International Institute of Social and Economic Sciences - 2014
Article seeks to extend the Standard Gordon's " Triangle " model with demand shocks. The demand shocks are represented by a newly derived Current discount indicator (CDI). The recession on the labour market in Hungary and Poland was influenced by the growth of future consumption preferences of...
Persistent link: https://www.econbiz.de/10011207342
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U.S. natural rate dynamics reconsidered
Bårdsen, Gunnar; Nymoen, Ragnar - 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/10010284368
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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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The Cost of Job Loss and the "New" Phillips Curve
Matthews, Peter Hans; Kandilov, Ivan T. - In: Eastern Economic Journal 28 (2002) 2, pp. 181-202
macroeconomic climate. The first, and more traditional, view asserts that the NAIRU has drifted downward over the last decade, while …
Persistent link: https://www.econbiz.de/10005417278
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Measuring Uncertainty of the Euro Area NAIRU : Monte Carlo and Empirical Evidence for Alternative Confidence Intervals in a State Space Framework
Schumacher, Christian - 2008
This paper investigates uncertainty around point estimates of the euro area NAIRU in a state space framework. The … approximations. The degree of uncertainty of the euro area NAIRU is estimated with a trivariate state space model. The widths of the … differences between observed unemployment and the NAIRU …
Persistent link: https://www.econbiz.de/10014052531
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Measuring Uncertainty of the Euro Area NAIRU : Monte Carlo and Empirical Evidence for Alternative Confidence Intervals in a State Space Framework
Schumacher, Christian - 2005
This paper investigates uncertainty around point estimates of the euro area NAIRU in a state space framework. The … approximations. The degree of uncertainty of the euro area NAIRU is estimated with a trivariate state space model. The widths of the … differences between observed unemployment and the NAIRU …
Persistent link: https://www.econbiz.de/10014064728
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Assessing the Uncertainty of the German NAIRU in a State Space Framework Using Different MSE Approximations
Schumacher, Christian - 2005
This paper investigates uncertainty around point estimates of the German NAIRU in a state space framework. The relative …. The degree of uncertainty of the German NAIRU is estimated with different models. Whereas a univariate model of … unemployment renders the NAIRU almost uninformative, extending it to a trivariate model consisting of unemployment, inflation and …
Persistent link: https://www.econbiz.de/10014064730
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The Equilibrium Rate of Unemployment and the Real Exchange Rate: An Unobserved Components System Approach
Lindblad, Hans; Sellin, Peter - 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/10010321250
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NAIRU estimates for Germany : new evidence on the inflation-unemployment trade-off
Kajuth, Florian - 2010
The paper estimates the NAIRU from a Phillips curve relationship in the state-space framework. To identify the … economic relation on the basis of which the NAIRU is derived. -- Non-accelerating inflation rate of unemployment ; state …
Persistent link: https://www.econbiz.de/10008657146
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Unemployment benefits, contract length and nominal wage flexibility
Calmfors, Lars; Johansson, Åsa - 2001
We show in a union-bargaining model that a decrease in the unemployment benefit level increases not only equilibrium employment, but also nominal wage flexibility, and thus reduces employment variations in the case of nominal shocks. Long-term wage contracts lead to highter expected real wages...
Persistent link: https://www.econbiz.de/10011399303