Ball, Laurence M. (contributor); … - 2002 - [Elektronische Ressource]
we begin
this paper by attempting to explain why. In our view, the NAIRU is
approximately a synonym for the natural rate … tradeoff to shift.
Expectations, the Natural Rate, and Supply Shocks
Since Friedman (1968) and Phelps's (1967,1968) seminal … = B
e
- a(U-U*)
where B
e
is expected inflation and U* is a parameter called the
"natural rate of unemployment." The …