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NAIRU estimates in transitional economy with extremely high unemployment rate: the case of the Republic of Macedonia

Predrag Trpeski and Dragan Tevdovski ()

MPRA Paper from University Library of Munich, Germany

Abstract: The paper provides time-varying NAIRU estimates for Macedonian economy for the period 1998-2012, which were obtained using Ball and Mankiw (2002) approach and additionally supplemented with iterative procedure proposed by Ball (2009). The results revealed that the Macedonian NAIRU has the hump-shaped path: the estimated NAIRU is 23.5 percent in the second quarter of 1998, peaks at 28.3 percent in the last quarter of 2005 and falls to 23.6 percent in the last quarter of 2012. The estimation is based on the corrected LFS unemployment rate for the employment in the grey economy.

Keywords: NAIRU; unemployment; inflation; Macedonia (search for similar items in EconPapers)
JEL-codes: E24 J64 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-lab, nep-mac and nep-tra
Date: 2014-03-21
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:56374

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