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Phillips Curves and Unemployment Dynamics : A Critique and a Holistic Perspective
Karanassou, Marika; Sala, Hector; Snower, Dennis J. - 2021
The conventional wisdom that inflation and unemployment are unrelated in the long-run implies the compartmentalisation of macroeconomics. While one branch of the literature models inflation dynamics and estimates the unemployment rate compatible with inflation stability, another one determines...
Persistent link: https://www.econbiz.de/10013317465
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Alternative Measures of the NAIRU in the Euro Area : Estimates and Assessment
Fabiani, Silvia; Mestre, Ricardo - 2021
The paper focuses on the measurement of the NAIRU (Non-Accelerating-Inflation-Rate-of-Unemployment) for the euro area … presents several estimates of the area-wide NAIRU based on a number of direct (or statistical) techniques. The latter range … different estimates of the aggregate NAIRU appear to be consistent and robust with respect to alternative specifications …
Persistent link: https://www.econbiz.de/10013320321
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Estimating the natural rate of unemployment for Ukraine
Vdovychenko, Artem - 2022
unemployment (NAIRU) that provide information about the general trajectory and last tendencies of trend unemployment. To better … variables in the NAIRU equation. Both variables demonstrate a significant impact on NAIRU dynamics. Our estimates show that the …
Persistent link: https://www.econbiz.de/10013387313
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The NAIRU, Unemployment and the Rate of Inflation in Brazil
Lima, Elcyon Caiado Rocha - 2000
This paper estimates the Brazilian Nairu (Non-Accelerating Inflation Rate of Unemployment) and investigates several … empirical questions: the behavior of Nairu along time, error bands for Nairu and the usefulness of Nairu to the conduct of … monetary policy in Brazil. There are many recent studies about the Nairu - Staiger, Stock and Watson (1997), Blanchard and Katz …
Persistent link: https://www.econbiz.de/10014146332
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Estimation of NAIRU with inflation expectation data
Cui, Wei; Härdle, Wolfgang; Wang, Weining - 2015
Estimating natural rate of unemployment (NAIRU) is important for understanding the joint dynamics of unemployment … with NAIRU in a model consistent way. We develop and estimate a structural model with forward and backward looking Phillips … out that the estimated NAIRU using our methodology tracks the unemployment process closely except for the high inflation …
Persistent link: https://www.econbiz.de/10010479311
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An Alternative Interpretation of the Recent U.S. Inflation Performance
Apel, Mikael; Jansson, Per - Sveriges Riksbank - 2000
An approach to decomposing and interpreting the inflation process is proposed. It suggests that the low U.S. inflation rate in recent years reflects a structural development, but that the low levels of unemployment may be a mainly cyclical phenomenon.
Persistent link: https://www.econbiz.de/10005190795
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An Alternative Interpretation of the Recent U.S. Inflation Performance
Apel, Mikael; Jansson, Per - 2000
An approach to decomposing and interpreting the inflation process is proposed. It suggests that the low U.S. inflation rate in recent years reflects a structural development, but that the low levels of unemployment may be a mainly cyclical phenomenon.
Persistent link: https://www.econbiz.de/10010321308
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An alternative interpretation of the recent U.S. inflation performance
Apel, Mikael; Jansson, Per - 2000
An approach to decomposing and interpreting the inflation process is proposed. It suggests that the low U.S. inflation rate in recent years reflects a structural development, but that the low levels of unemployment may be a mainly cyclical phenomenon.
Persistent link: https://www.econbiz.de/10011584497
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The Long-Run Phillips Curve is ... A Curve
Ascari, Guido; Bonomolo, Paolo; Haque, Qazi - 2023
In U.S. data, inflation and output are negatively related in the long run. A Bayesian VAR with stochastic trends generalized to be piecewise linear provides robust reduced-form evidence in favor of a threshold level of trend inflation of around 4%, below which potential output is independent of...
Persistent link: https://www.econbiz.de/10014349322
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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