‰¥the so-called "NAIRU." The paper argues that supply shocks alone are not sufficient to account for this decline and that … prison population probably have contributed to the decline in the NAIRU, they do not adequately explain the timing of an … from one region of the country to another, thereby lowering the national NAIRU. …

This paper confirms that the unemployment rate associated with stable inflation, the so-called "NAIRU," probably has … rise in the NAIRU, a reversal of these effects does not adequately explain the timing of the apparent decline in the NAIRU … provide evidence of this greater synchronization, and suggest that it may have led to a drift downward in the NAIRU. …