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The NAIRU, Aggregate Demand and Investment
Metroeconomica, 2002The nature of the non‐accelerating inflation rate of unemployment (NAIRU) is analysed. The focus of our analysis is the role of aggregate demand and capacity in the context of the NAIRU. Two aspects of the relationship between the level of aggregate demand and the NAIRU are of particular significance.
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HYSTERESIS AND THE REGIONAL NAIRUs IN ITALY
Bulletin of Economic Research, 2010ABSTRACTThis paper investigates the determinants of regional unemployment disparities in Italy. Relying on panel unit root tests and data over the 1977–2003 years, we reject the hysteresis hypothesis and then proceed to estimate the non‐accelerating inflation rate of unemployment (NAIRU) for each of the 20 Italian regions. Our estimates of the regional
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Identification and dimension of the NAIRU
Economic Modelling, 2001Abstract In this paper, we have re-examined the identification of the NAIRU and presented a well-defined reduced form for analysing the equilibrium unemployment rate, using a cointegrated VAR model. We have stated that the NAIRU estimates using the conventional reduced form (or Phillips curve) models are misleading since the natural rate of ...
CHIARINI, Bruno, Piselli, Paolo
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Estimating the NAIRU in Australia
2021The Non-Accelerating Inflation Rate of Unemployment (NAIRU) is a variable of interest to policy makers as it provides an estimate of the degree of labour market slack in the economy. However, the NAIRU is unobservable, and must be estimated using statistical models.
Ruberl, Heather +3 more
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Aggregate Demand, Investment, and the NAIRU [PDF]
, 1997 The NAIRU (non accelerating inflation rate of unemployment) is generally viewed as a supply-side determined short run equilibrium rate of unemployment. Aggregate demand plays no essential part in the determination of the equilibrium rate of unemployment.
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Empirical Estimates of the NAIRU
Labour, 2005. Empirical studies have found that the non-accelerating inflation rate of unemployment (NAIRU) has been fluctuating in OECD countries around a constant mean of several percentage points over the past decades. This mean is calculated from the constant terms carried over from the wage and price growth equations.
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1998
The relationship between the unemployment rate and the nonaccelerating inflation rate of unemployment (NAIRU) is presumed to be an inflationary bellwether, but recent inflation predictions based on it have not been successful. The authors explore the reasons for this failure and suggest that it may be time to replace the NAIRU.
David E. Altig, Paul Gomme
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The relationship between the unemployment rate and the nonaccelerating inflation rate of unemployment (NAIRU) is presumed to be an inflationary bellwether, but recent inflation predictions based on it have not been successful. The authors explore the reasons for this failure and suggest that it may be time to replace the NAIRU.
David E. Altig, Paul Gomme
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Estimating the NAIRU for Chile [PDF]
Economía Chilena, 2008 The purpose of this paper is to obtain a set of estimates of the non-accelerating-inflation rate of unemployment (NAIRU) for Chile. Measuring the NAIRU permits building the unemployment gap, which is a complementary measure of activity and output gap, which is used on a regular basis by central banks as another indicator helping in inflation forecasts ...
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NAIRU and productivity shocks: evidence from three gigantic economies
Applied Economics Letters, 2018Mehdi Mohebi
exaly