Hysteresis, the Phillips curve and the costs of monetary union

David Cobham and Steve Williams

Applied Economics Letters, 1998, vol. 5, issue 8, 477-480

Abstract: If actual unemployment affects the non-accelerating inflation rate of unemployment (NAIRU) through a hysteresis effect, the disinflation involved in reducing a country's inflation rate to that of its future partners in a monetary union could produce a long term cost to monetary union in the form of a lasting rise in the NAIRU. This note sets out a framework for analysing the likelihood of such an eventuality.

Date: 1998
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DOI: 10.1080/135048598354384

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