In search of the NAIRU

David Altig and Paul Gomme

Economic Commentary, 1998, issue May

Abstract: The relationship between the unemployment rate and the nonaccelerating inflation rate of unemployment (NAIRU) is presumed to be an inflationary bellwether, but recent inflation predictions based on it have not been successful. The authors explore the reasons for this failure and suggest that it may be time to replace the NAIRU.

Keywords: Unemployment; Inflation (Finance); Productivity (search for similar items in EconPapers)
Date: 1998
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