we critically discuss explanations based on the time-varying NAIRU and put against them explanations based on aggregate … demand and hysteresis. In the conclusion, some consequences for economic policy are indicated. …

component; a cycle in growth rates, rather than in the levels; the hysteresis phenomenon; permanent- transitory decompositions …

-filter technique to estimate the NAIRU. The authors find that potential output and potential output growth greatly depend on how the … NAIRU and potential total factor productivity are modelled. Given the difficulties involved in robustly estimating potential …

-filter technique to estimate the NAIRU. The authors find that potential output and potential output growth greatly depend on how the … NAIRU and potential total factor productivity are modelled. Given the difficulties involved in robustly estimating potential …

This paper analyses the Nairu in the Euro Area and the influence that hysteresis had on its development. Using the … is applied here using explicit exogenous variables. In order to test for hysteresis, the dependence of the Nairu on … Kalman-filter technique we find that the Nairu has varied considerably since the early seventies. The Kalman-filter technique …

This paper analyses the Nairu in the Euro Area and the influence that hysteresis had on its development. Using the … is applied here using explicit exogenous variables. In order to test for hysteresis, the dependence of the Nairu on … Kalman-filter technique we find that the Nairu has varied considerably since the early seventies. The Kalman-filter technique …

This paper provides new estimates of a time?varying NAIRU for Germany taking account of the structural break caused by … inflation rates is employed. Therefore, either the NAIRU concept is not applicable to Germany or, as it is our suggestion, one … inflation target put forward by the European Central Bank. The estimates presented in this paper suggest that the NAIRU …