Llaudes, Ricardo (contributor) - 2005
-run trade-off between inflation and
unemployment implied by the Phillips Curve and the NAIRU (the Non-Accelerating
Inflation Rate … captured by the Phillips Curve and the
NAIRU (the Non-Accelerating Inflation Rate of Unemployment), is widely used by policy …)
where π
h
t
=ln(P
t
/P
t−h
) is the h-year inflation rate, and π
t
is inflation over the past year.
U
gap
takes two possible …