We calculate the NAIRU for the U.S. in a framework where inflation and the unemployment rate can respond to each other. The NAIRU is defined as the component of the actual unemployment rate that is uncorrelated with inflation ...
Ball and Moffitt (2001) present a theory implying that the gap between productivity and wage aspirations can shift the traditional Phillips Curve. We examine their theory within the OECD. The results show that there is no ...
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