Logeay, Camille; Tober, Silke - European Network of Economic Policy Research Institutes … - 2003
This paper analyses the Nairu in the euro area and the influence that monetary policy had on its development. Using the … Kalman-filter technique we find that the Nairu has varied considerably since the early 1970s. The Kalman-filter technique is … quarter of the increase in the Nairu between 1980 and 1995. This indicates the possibility of a long-run nonsuperne utrality …