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Phillips Curves and unemployment dynamics: a critique and a holistic perspective
Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2008
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/10010276432
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The impact of monetary policy on unemployment hysteresis
Stockhammer, Engelbert; Sturn, Simon - 2008 - Version 2.0
Dieser Aufsatz untersucht die Hypothese, dass der Grad an Arbeitsmarkthysterese in Folge einer Rezession von der Reaktion der Geldpolitik abhängt. Der Hysteresegrad wird in der empirischen Untersuchung durch die geldpolitische Reaktion und Standardvariablen für Arbeitsmarktinstitutionen in...
Persistent link: https://www.econbiz.de/10003772351
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Estimates of the Non-accelerating Inflation Rate of Unemployment (NAIRU) for Hungary
Szabó, Lajos Tamás - 2015
-accelerating inflation rate of unemployment (NAIRU), is used to measure inflationary pressure from the labour market. This paper examines … which of the NAIRU estimation methods described in the literature can be applied to Hungary. In evaluating the results, the … revisional property of the NAIRU is also examined, as well as the forecast capacity of the unemployment gap with regard to wages …
Persistent link: https://www.econbiz.de/10011399270
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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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Production Constraints and the Nairu
Driver, Ciaran - 2011
This paper argues that the production constraints in the basic NAIRU model should be distinguished by type: capital …
Persistent link: https://www.econbiz.de/10013132153
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Production Constraints and the Nairu
Driver, Ciaran - 2011
This paper argues that the production constraints in the basic NAIRU model should be distinguished by type: capital …
Persistent link: https://www.econbiz.de/10013132409
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Studying the Nairu and its Implications
Bozani, Vasiliki - 2011
, phenomena, and history. Given the key role that the Non-Accelerating Inflation Rate of Unemployment (NAIRU) has in the …, identifying methodological strengths and the weaknesses in the body of the macroeconomic research about the concept of NAIRU. In …
Persistent link: https://www.econbiz.de/10013118538
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Reconsidering the natural rate hypothesis
Jump, Robert Calvert; Stockhammer, Engelbert - 2019
The natural rate hypothesis states that there exists an unemployment rate at which inflation is stable, and that this unemployment rate is independent of aggregate demand shocks. The hysteresis hypothesis, in contrast, states that the long run unemployment rate can be affected by aggregate...
Persistent link: https://www.econbiz.de/10012006658
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Neues von der NAIRU?
Franz, Wolfgang - 2000
Der Beitrag enthält eine Neuschätzung der inflationsstabilen Arbeitslosenquote (NAIRU) für Westdeutschland 1980 bis … 1998. Nach einer Darstellung des konzeptionellen Rahmens der NAIRU einschließlich verschiedener Varianten, welche … Probleme. Erstmalig werden für Westdeutschland dann eine zeitvariable NAIRU mit Hilfe des Kalman-Verfahrens sowie dazugehörige …
Persistent link: https://www.econbiz.de/10010297704
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The relationship between the hybrid New Keynesian Phillips curve and the NAIRU over time
Vogel, Lena - 2008
Non-Accelerating Inflation Rate of Unemployment (NAIRU). By contrast, Gordon (1997) in his "triangle model" of inflation … models a time-varying NAIRU. We combine both approaches and estimate state-space models of the hybrid New Keynesian Phillips … curve (NKPC), where excess demand is measured by the unemployment gap and the NAIRU is allowed to vary over time as in …
Persistent link: https://www.econbiz.de/10010425873