The NAIRU-Concept [E-Book]: A Few Remarks / Karl Pichelmann and Andreas Schuh
Pichelmann, Karl.
Schuh, Andreas.
Paris : OECD Publishing, 1997
26 p. ; 21 x 29.7cm.
englisch
10.1787/415745735115
OECD Economics Department Working Papers ; 178
Economics
Full Text
LEADER 01977caa a22002898i 4500
001 ZB01136
003 OECD iLibrary
008 121101s1997 fr o i|0| 0 eng d
024 7 |a 10.1787/415745735115  |2 doi 
035 |a (Sirsi) a488023 
041 |a eng 
100 1 |a Pichelmann, Karl. 
245 1 4 |a The NAIRU-Concept  |h [E-Book]:  |b A Few Remarks /  |c Karl Pichelmann and Andreas Schuh 
264 |a Paris :  |b OECD Publishing,  |c 1997  |e (OECD iLibrary) 
300 |a 26 p. ;  |c 21 x 29.7cm. 
336 |a Text   |b txt   |2 rdacontent 
337 |a Computermedien   |b c   |2 rdamedia 
338 |a Online-Ressource   |b cr   |2 rdacarrier 
490 |a OECD Economics Department Working Papers ;  |v 178 
500 |a englisch 
520 3 |a This note gives a brief survey of main theoretical and empirical issues with respect to the NAIRU concept. According to modern labour market literature NAIRU is defined as the rate of unemployment at which inflation stabilises in the absence of any wage-price surprises. Conventional thinking about the equilibrium unemployment rate assumes that in the long run NAIRU is determined solely y supply side factors of the labour market. We show that quite complex adjustment dynamics may arise even in simple log-linear wage-price models. Furthermore we provide a survey on a number of "hysteresis-mechanisms" which could lead to permanent shifts of equilibrium unemployment over time, implying that an unique long run NAIRU may not even exist.In addition to theoretical issues we refer to two serious problems which might arise with empirical applications of the NAIRU concept. First various empirical studies suggest that results highly depend on model specifications. Second a considerable amount ... 
653 |a Economics 
700 1 |a Schuh, Andreas. 
856 4 0 |u http://dx.doi.org/10.1787/415745735115  |z Volltext 
915 |a zzwFZJ3 
596 |a 1 
949 |a XX(488023.1)  |w AUTO  |c 1  |i 488023-1001  |l ELECTRONIC  |m ZB  |r N  |s Y  |t E-BOOK  |u 5/2/2016  |x UNKNOWN  |z UNKNOWN  |1 ONLINE