A forecast based NAIRU measure of the US
Applied Economics Letters, 2006, vol. 13, issue 3, 177-182
This paper proposes a method to estimate the NAIRU for the U.S. It shares the notion of Estrella and Mishkin (1999) that defines the NAIRU as a leading indicator of inflation changes over the policy horizon. Our alternative construction offers a more theoretically sound and practically useful estimate of the NAIRU.
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