Angelini, Elena (contributor); … - 2006
-run, steady-state output is then equal to the
production-function outcome with a zero NAIRU gap. In that equilibrium, all real … equilibrium in both the
goods and labour markets exerts in uence on short-run price and wage developments,
via an output gap and …-writing of
the output gap Y ¡Y⁄ (see Section (2.3.1)). In the long run, the convergence process of
4Note, the gap between actual …