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Phillips Curves and Unemployment Dynamics : A Critique and a Holistic Perspective
Karanassou, Marika; Sala, Hector; Snower, Dennis J. - 2021
reaction theory (CRT), should be used to jointly explain the evolution of inflation and unemployment. A further attraction of …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 …
Persistent link: https://www.econbiz.de/10013317465
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The Concept, Policy Use and Measurement of Structural Unemployment : Estimating a Time Varying NAIRU Across 21 OECD Countries
Richardson, Pete; Boone, Laurence; Giorno, Claude; … - 2000
The structural rate of unemployment and associated non-accelerating inflation rate of unemployment (the NAIRU) are of …
Persistent link: https://www.econbiz.de/10012444864
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Downward Nominal Wage Rigidity : Evidence from the Employment Cost Index
Lebow, David E.; Saks, Raven E.; Wilson, Beth Anne - 2000
addition of a term capturing the cost of rigidity (that rises as inflation falls) has no additional explanatory power in a …
Persistent link: https://www.econbiz.de/10014180720
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NAIRU Uncertainty and Nonlinear Policy Rules
Meyer, Laurence H.; Swanson, Eric T.; Wieland, Volker - 2001
The Federal Reserve allowed unemployment to fall substantially in the late 1990s, to a level well below earlier estimates of the NAIRU, without a corresponding tightening of monetary policy. In addition, Meyer (1999) has suggested that episodes of heightened uncertainty about the NAIRU may...
Persistent link: https://www.econbiz.de/10014137888
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Wage Formation and the (Non-)Existence of the NAIRU
Skott, Peter - 1999
The influence of NAIRU theory on economic policy is both puzzling and unfortunate, especially in a European context …
Persistent link: https://www.econbiz.de/10014211038
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Monetary Policy and Uncertainty About the Natural Unemployment Rate
Wieland, Volker - 2003
Inflation-targeting central banks have only imperfect knowledge about the effect of policy decisions on inflation. An … important source of uncertainty is the relationship between inflation and unemployment. This paper studies the optimal monetary … policy in the presence of uncertainty about the natural unemployment rate, the short-run inflation-unemployment tradeoff and …
Persistent link: https://www.econbiz.de/10014087550
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Die NAIRU : eine post-keynesianische Interpretation
Hein, Eckhard - 2003
Persistent link: https://www.econbiz.de/10001745884
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Measuring the UK short-run NAIRU
Batini, Nicoletta; Greenslade, Jennifer V. - 2003
inflation will neither increase nor decrease in the short-run. We estimate the NAIRU jointly with price equations by using the … a beneficial impact on RPIX inflation over the last few years. We show that deviations of unemployment from the short …-run NAIRU measures prove helpful in predicting inflation and we demonstrate their usefulness in Taylor-type policy rules for the …
Persistent link: https://www.econbiz.de/10011517881
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Monetary policy and uncertainty about the natural unemployment rate
Wieland, Volker - 2003
Inflation-targeting central banks have only imperfect knowledge about the effect of policy decisions on inflation. An … important source of uncertainty is the relationship between inflation and unemployment. This paper studies the optimal monetary … policy in the presence of uncertainty about the natural unemployment rate, the short-run inflation-unemployment tradeoff and …
Persistent link: https://www.econbiz.de/10009765348
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The equilibrium rate of unemployment and the real exchange rate : an unobserved components system approach
Lindblad, Hans; Sellin, Peter - 2003
inflation is found to be quite sensitive to the unemployment gap. An increase in cyclical unemployment by 1 percentage point … will reduce inflation by approximately 0.6 percentage points within a year. …
Persistent link: https://www.econbiz.de/10011583137