Le chômage structurel dans une petite économie ouverte: application au Luxembourg

Alex Durand

Economie & Prévision, 2005, vol. n° 169-170-171, issue 3, 105-126

Abstract: This article seeks to estimate the non-accelerating inflation rate of unemployment (NAIRU) for the small open economy of Luxembourg. In its reduced form, the wage- and price-setting model developed by Layard et al. (1991) allows a definition of the concept of NAIRU (OECD, 2000). Kuttner?s model (1994)?initially defined to determine a measure of potentialoutput? providesasufficientempirical frameworkforestimatingtheindicator(EcfinDG,2002). Theestimates obtainedtendto showthat labor-market tensions, defined as deviations ofeffective unemployment from NAIRU, help to explain a share of inflation in Luxembourg.

Keywords: open economy; NAIRU; unobservable components model (search for similar items in EconPapers)
Date: 2005
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