Will the (German) NAIRU Please Stand Up?

Will the (German) NAIRU Please Stand Up? AbstractThis paper deals with a critical assessment of the ‘non-accelerating inflation rate of unemployment’ (NAIRU) for Germany. There are quite a few obstacles to perceiving the NAIRU as an easy-to-use analytical instrument: the possibility of a non-vertical Phillips curve, the occurrence of shocks and hysteresis effects, and the (mis-)measurement of important variables, cointegration issues and a time variability of the NAIRU. A new attempt is made to estimate a NAIRU for Germany using direct measures of inflationary expectations. However, by any method, the NAIRU is very hard to determine and subject to considerable arbitrariness. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png German Economic Review de Gruyter

Will the (German) NAIRU Please Stand Up?

German Economic Review, Volume 6 (2): 23 – May 1, 2005

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Publisher
de Gruyter
Copyright
© 2019 by Walter de Gruyter Berlin/Boston
ISSN
1465-6485
eISSN
1468-0475
DOI
10.1111/j.1465-6485.2005.00124.x
Publisher site
See Article on Publisher Site

Abstract

AbstractThis paper deals with a critical assessment of the ‘non-accelerating inflation rate of unemployment’ (NAIRU) for Germany. There are quite a few obstacles to perceiving the NAIRU as an easy-to-use analytical instrument: the possibility of a non-vertical Phillips curve, the occurrence of shocks and hysteresis effects, and the (mis-)measurement of important variables, cointegration issues and a time variability of the NAIRU. A new attempt is made to estimate a NAIRU for Germany using direct measures of inflationary expectations. However, by any method, the NAIRU is very hard to determine and subject to considerable arbitrariness.

Journal

German Economic Reviewde Gruyter

Published: May 1, 2005

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