Internformat: The NAIRU-Concept

The NAIRU-Concept: A Few Remarks

This note gives a brief survey of main theoretical and empirical issues with respect to the NAIRU concept. According to modern labour market literature NAIRU is defined as the rate of unemployment at which inflation stabilises in the absence of any wage-price surprises. Conventional thinking about t...

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1. Verfasser:	Pichelmann, Karl (VerfasserIn)
Weitere Verfasser:	Schuh, Ulrich 1969- (MitwirkendeR)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Paris OECD Publishing 1997
Schriftenreihe:	OECD Economics Department Working Papers
Schlagworte:	Economics
Online-Zugang:	EUV01 FFW01 FHI01 FHN01 FHR01 FNU01 FRO01 TUM01 UBA01 UBG01 UBM01 UBR01 UBW01 UEI01 UER01 UPA01 Volltext
Zusammenfassung:	This note gives a brief survey of main theoretical and empirical issues with respect to the NAIRU concept. According to modern labour market literature NAIRU is defined as the rate of unemployment at which inflation stabilises in the absence of any wage-price surprises. Conventional thinking about the equilibrium unemployment rate assumes that in the long run NAIRU is determined solely y supply side factors of the labour market. We show that quite complex adjustment dynamics may arise even in simple log-linear wage-price models. Furthermore we provide a survey on a number of "hysteresis-mechanisms" which could lead to permanent shifts of equilibrium unemployment over time, implying that an unique long run NAIRU may not even exist. In addition to theoretical issues we refer to two serious problems which might arise with empirical applications of the NAIRU concept. First various empirical studies suggest that results highly depend on model specifications. Second a considerable amount ...
Beschreibung:	1 Online-Ressource (25 Seiten) 21 x 29.7cm
DOI:	10.1787/415745735115

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spelling	Pichelmann, Karl Verfasser (DE-588)170210871 aut The NAIRU-Concept A Few Remarks Karl Pichelmann and Andreas Ulrich Schuh Paris OECD Publishing 1997 1 Online-Ressource (25 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This note gives a brief survey of main theoretical and empirical issues with respect to the NAIRU concept. According to modern labour market literature NAIRU is defined as the rate of unemployment at which inflation stabilises in the absence of any wage-price surprises. Conventional thinking about the equilibrium unemployment rate assumes that in the long run NAIRU is determined solely y supply side factors of the labour market. We show that quite complex adjustment dynamics may arise even in simple log-linear wage-price models. Furthermore we provide a survey on a number of "hysteresis-mechanisms" which could lead to permanent shifts of equilibrium unemployment over time, implying that an unique long run NAIRU may not even exist. In addition to theoretical issues we refer to two serious problems which might arise with empirical applications of the NAIRU concept. First various empirical studies suggest that results highly depend on model specifications. Second a considerable amount ... Economics Schuh, Ulrich 1969- (DE-588)17158676X ctb https://doi.org/10.1787/415745735115 Verlag URL des Erstveröffentlichers Volltext
spellingShingle	Pichelmann, Karl The NAIRU-Concept A Few Remarks Economics
title	The NAIRU-Concept A Few Remarks
title_auth	The NAIRU-Concept A Few Remarks
title_exact_search	The NAIRU-Concept A Few Remarks
title_exact_search_txtP	The NAIRU-Concept A Few Remarks
title_full	The NAIRU-Concept A Few Remarks Karl Pichelmann and Andreas Ulrich Schuh
title_fullStr	The NAIRU-Concept A Few Remarks Karl Pichelmann and Andreas Ulrich Schuh
title_full_unstemmed	The NAIRU-Concept A Few Remarks Karl Pichelmann and Andreas Ulrich Schuh
title_short	The NAIRU-Concept
title_sort	the nairu concept a few remarks
title_sub	A Few Remarks
topic	Economics
topic_facet	Economics
url	https://doi.org/10.1787/415745735115
work_keys_str_mv	AT pichelmannkarl thenairuconceptafewremarks AT schuhulrich thenairuconceptafewremarks

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