The Time-Varying NAIRU and its Implications for Economic Policy

The NAIRU, the unemployment rate consistent with a constant rate of inflation, is estimated, in this paper, as a parameter allowed to vary over time. Value is determined in an econometric model where the inflation rate depends on its past values, demand and supply shocks. The NAIRU estimated for the...

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Veröffentlicht in:	The Journal of economic perspectives 1997, Vol.11 (1), p.11-32
1. Verfasser:	Gordon, Robert J.
Format:	Artikel
Sprache:	eng
Schlagworte:	Coefficients Econometrics Economic inflation Economic policy Economic theory Federal Reserve Bank Gross domestic product Inflation rate Inflation rates Keynesianism NAIRU (Non-accelerating inflation rate of unemployment) Nominal gross domestic product Supply shocks Symposium: The Natural Rate of Unemployment Unemployment Unemployment rates
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