Empirical estimates of the NAIRU

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Empirical estimates of the NAIRU. / Madsen, Jakob Brøchner.

In: LABOUR, Vol. 19, No. 4, 2005, p. 563-593.

Research output: Contribution to journal › Journal article › Research › peer-review

Harvard

Madsen, JB 2005, 'Empirical estimates of the NAIRU', LABOUR, vol. 19, no. 4, pp. 563-593. https://doi.org/10.1111/j.1467-9914.2005.00307.x

APA

Madsen, J. B. (2005). Empirical estimates of the NAIRU. LABOUR, 19(4), 563-593. https://doi.org/10.1111/j.1467-9914.2005.00307.x

Vancouver

Madsen JB. Empirical estimates of the NAIRU. LABOUR. 2005;19(4):563-593. https://doi.org/10.1111/j.1467-9914.2005.00307.x

Author

Madsen, Jakob Brøchner. / Empirical estimates of the NAIRU. In: LABOUR. 2005 ; Vol. 19, No. 4. pp. 563-593.

Bibtex

@article{67d8b240a6f311dbbee902004c4f4f50,
title = "Empirical estimates of the NAIRU",
abstract = "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. In this paper it is shown that a high proportion of the constant term is a statistical artefact and suggests a new method which yields approximately unbiased estimates of the time-invariant NAIRU. Using data for OECD countries it is shown that the constant-term correction lowers the unadjusted time-invariant NAIRU by approximately half",
keywords = "Faculty of Social Sciences, NAIRU, Phillips curve",
author = "Madsen, {Jakob Br{\o}chner}",
note = "JEL Classification: E24, E31",
year = "2005",
doi = "10.1111/j.1467-9914.2005.00307.x",
language = "English",
volume = "19",
pages = "563--593",
journal = "Labour",
issn = "1121-7081",
publisher = "Wiley-Blackwell",
number = "4",

}

RIS

TY - JOUR

T1 - Empirical estimates of the NAIRU

AU - Madsen, Jakob Brøchner

N1 - JEL Classification: E24, E31

PY - 2005

Y1 - 2005

N2 - 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. In this paper it is shown that a high proportion of the constant term is a statistical artefact and suggests a new method which yields approximately unbiased estimates of the time-invariant NAIRU. Using data for OECD countries it is shown that the constant-term correction lowers the unadjusted time-invariant NAIRU by approximately half

AB - 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. In this paper it is shown that a high proportion of the constant term is a statistical artefact and suggests a new method which yields approximately unbiased estimates of the time-invariant NAIRU. Using data for OECD countries it is shown that the constant-term correction lowers the unadjusted time-invariant NAIRU by approximately half

KW - Faculty of Social Sciences

KW - NAIRU

KW - Phillips curve

U2 - 10.1111/j.1467-9914.2005.00307.x

DO - 10.1111/j.1467-9914.2005.00307.x

M3 - Journal article

VL - 19

SP - 563

EP - 593

JO - Labour

JF - Labour

SN - 1121-7081

IS - 4

ER -

ID: 91885