Lim, Guay C.; Dixon, Robert J.; Tsiaplias, S. - 2009
growth with respect to the unemployment rate (i.e., changes
in the slope of the Phillips curve, β
t … equilibrium rate of unemployment.
An intuitive understanding of the difference between the equilibrium un-
employment rate … of unemployment can be attributed to two sources - those
that effect the (semi-) elasticity of nominal wage growth with …