Orphanides, Athanasios (contributor); … - 2002 - [Elektronische Ressource]
conventional
estimates from a NAIRU [nonaccelerating-inflation rate of unemployment] model do not
identify the full employment … responds not to the level of the unemployment
rate but to recent changes in unemployment without reference to the NAIRU
(and … the imprecision of estimation of the NAIRU. (Staiger, Stock,
and Watson, 1997a, p. 249)
2
This question, coupled with the …