Abstract
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.
Original language | English |
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Pages (from-to) | 177-182 |
Number of pages | 6 |
Journal | Applied Economics Letters |
Volume | 13 |
Issue number | 3 |
DOIs | |
Publication status | Published - 2006 Feb 20 |
Bibliographical note
Funding Information:I would like to thank the editor of the journal. This research was supported by Yonsei University Research Fund of 2004. The usual disclaimer applies.
All Science Journal Classification (ASJC) codes
- Economics and Econometrics