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" (NAIRU) for Germany. There are quite a few obstacles to perceiving the NAIRU as an understandable and easy-to-use analytical …, cointegration issues, and a time variability of the NAIRU and its confidence intervals. Despite many serious caveats a new attempt … is made to estimate a NAIRU for Germany based on conventional Phillips curves as well as on new approaches such as using …
Persistent link: https://www.econbiz.de/10005097479
Estimates of the NAIRU are usually derived either from a Phillips curve or from a wage curve. This paper investigates … the correspondence between the operational NAIRU-concepts and the steady state of a dynamic wage-price model. We derive …
Persistent link: https://www.econbiz.de/10005573916
Persistent link: https://www.econbiz.de/10011805484
A common assumption when analysing unemployment is that the economy is closed. However, the equilibrium rate of unemployment is not identified in an open economy unless the foreign sector is modeled. Therefore we set up and estimate a structural unobserved components open economy model for the...
Persistent link: https://www.econbiz.de/10012720839
In this paper we simultaneously estimate the real exchange rates between the Swedish Krona, the US Dollar and the Euro. A prime candidate for explaining the exchange rate movements is relative potential output. Since this variable is unobservable, cyclical and potential output are estimated in...
Persistent link: https://www.econbiz.de/10003319543
In this paper, we show that in order to obtain a sound identification of Euro Area monetary policy shocks, one needs to deal with the interaction of the European Central Bank and the US Federal Reserve. In other words, a proper identification of monetary policy shocks for an open economy like...
Persistent link: https://www.econbiz.de/10013168711
Estimates of the Nairu generally suffer from a large uncertainty, which can be reduced by adopting a bivariate …, it appears that the Nairu can substantially differ from the unemployment trend. Second, relaxing the common trend …
Persistent link: https://www.econbiz.de/10013120707
This paper estimates NAIRU (Non-Accelerating Inflation Rate of Unemployment) for the Turkish economy as an unobserved … unemployment gap, the systems approach imposes stochastic laws of motion for NAIRU and potential output and also assumes the … problem introduces nonlinearity, which requires the use of Extended Kalman Filter (EKF). Estimation results suggest that NAIRU …
Persistent link: https://www.econbiz.de/10010941465
The structural rate of unemployment and associated non-accelerating inflation rate of unemployment (the NAIRU) are of … representing the NAIRU as currently used by the OECD in its policy analysis and surveillance work. Three distinct classes of NAIRU … applied ...<BR><P>Les concepts de taux de chômage structurel et NAIRU (<I>non accelerating inflation rate of unemployment …
Persistent link: https://www.econbiz.de/10005046182
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