Estimated Inflation Costs Had European Unemployment Been Reduced in the 1980s by Macro Prices

Ray Fair ()

No 1129, Cowles Foundation Discussion Papers from Cowles Foundation, Yale University

Abstract: This paper uses a multicountry econometric model to estimate what the inflation costs would have been if macropolicies had reduced European unemployment in the 1982:1-1990:4 period. A "non-NAIRU" framework is proposed for thinking about these costs.

Date: Written
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