Orphanides, Athanasios; Williams, John C. - 2007
Williams (2002) for documen-
tation of the difficulties associated with the measurement of the natural rate of unemployment and … instrument, (the federal funds rate in the Unites States), π
t
the rate
of inflation, and u
t
the rate of unemployment, all …-
surement of the natural rate of unemployment by partially (or even fully) replacing the
response to the unemployment gap with …