Ihrig, Jane; Marquez, Jaime - Federal Reserve Board (Board of Governors of the … - 2003
pressure on inflation. This persistence stemmed, in part, from structural reforms that lowered the NAIRU while the unemployment … despite declines in unemployment rates. For the United States, these seemingly contradictory developments have been reconciled … natural unemployment rate (NAIRU), and (3) improved credibility of monetary policy. Here we ask whether comparable factors …