Dueker, Michael J.; Owyang, Michael T.; Sola, Martin - Federal Reserve Bank of St. Louis - 2010
models from reaching their potential usefulness. Indeed, an estimate of a time-varying threshold level of unemployment, for … example, might serve as a meaningful estimate of the natural rate of unemployment. More precisely, within a STAR framework …, one might call the time-varying threshold the “tipping level” rate of unemployment, at which the mean and dynamics of the …