Search Results

You are looking at 1 - 10 of 374 items :

Clear All

Jahrbücher f. Nationalökonomie u. Statistik (Lucius & Lucius, Stuttgart 2001) Bd. (Vol.) 221/3 Neues von der NAIRU? News from the NAIRU? Von Wolfgang Franz*, Mannheim JEL C22, E24, E31 NAIRU, Arbeitslosigkeit, Inflation. NAIRU, unemployment, inflation. Zusammenfassung Der Beitrag enthält eine Neuschätzung der inflationsstabilen Arbeitslosenquote (NAIRU) für Westdeutschland 1980 bis 1998. Nach einer Darstellung des konzeptionellen Rahmens der NAIRU einschließlich verschiedener Varianten, welche beispielsweise exogenen Schocks und dem Hysterese

Topics in Macroeconomics Volume 4, Issue 1 2004 Article 7 Do Minimum Wages Raise the NAIRU? Peter Tulip∗ ∗Federal Reserve Board, ptulip@frb.gov Copyright c©2004 by the authors. All rights reserved. No part of this publication may be re- produced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher, bepress, which has been given certain exclusive rights by the author. Topics in Macroe- conomics is Do Minimum Wages Raise the

Will the (German) NAIRU Please Stand Up? Wolfgang Franz Center of European Economic Research (ZEW) Abstract. This paper deals with a critical assessment of the ‘non-accelerating inflation rate of unemployment’ (NAIRU) for Germany. There are quite a few obstacles to perceiving the NAIRU as an easy-to-use analytical instrument: the possibility of a non-vertical Phillips curve, the occurrence of shocks and hysteresis effects, and the (mis-)measurement of important variables, cointegration issues and a time variability of the NAIRU. A new attempt is made to estimate

Jahrbücher f. Nationalökonomie u. Statistik (Lucius & Lucius, Stuttgart 2008) Bd. (Vol.) 228/5+6 The Phillips Curve and NAIRU Revisited: New Estimates for Germany By Bernd Fitzenberger, Freiburg, Wolfgang Franz, Mannheim, and Oliver Bode, Wiesbaden* JEL C22, E24, E31 NAIRU, unemployment, inflation, Phillips curve, Okun's Law, German unification, Kalman-Filter, partially linear model. Summary This paper provides new estimates of a time-varying NAIRU for Germany taking account of the structural break caused by German unification using two alternative

4 Disinflation and the NAIRU Laurence Ball 4.1 Introduction Average unemployment in the countries of the Organization for Economic Cooperation and Development (OECD) stood at 3.1% in 1970. It rose to 5.7% in 1980 and 8.1% in 1994. The rise in unemployment was especially severe in the European Community, where 1994 unemployment averaged 11.5%. Al- though these movements had a cyclical component, there was also a large rise in the long-run trend, as captured by the non-accelerating-inflation rate of un- employment-the NAIRU. OECD estimates of the NAIRU

212 James Galbraith, in an early critique of NAIRU economics (1997), asks whether economics can live without the NAIRU. Galbraith thinks this is not only possible but desirable, because momentous public policy decisions can- not be based on a theoretical and empirical construct this weak.1 We agree. The NAIRU, as a constant attractor, cannot provide appropriate guidance to public policy making— because it does not exist. The fundamental assump- tion of NAIRU economics that demand adjusts to supply, while supply is in- de pen dent of demand, is wrong. We

NAIRU Estimates for Germany: New Evidence on the Inflation–Unemployment Tradeoff Florian Kajuth Deutsche Bundesbank Abstract. Meaningful estimates of the non-accelerating inflation rate of unemploy- ment (NAIRU) within a Phillips curve framework require an identified tradeoff between inflation and unemployment. However, observations of inflation and unemployment are equilibrium points giving rise to a simultaneity problem. We assess conventional identi- fying assumptions in the literature on the German NAIRU in a general bi-variate equa- tions system of inflation

167 6 The Generalization of the NAIRU Theory Long- run equilibrium is a slippery eel. JOAN ROBINSON, ECONOMIC PHILOSOPHY The growth model analysis of Chapter 3 has shown that NAIRU- based poli- cies of real wage restraint and labor market deregulation may actually de- press accumulation and growth, petrify technological progress, and thus stifl e productivity growth without signifi cantly reducing unemployment. These effects were found to occur in strongly wage- led economies, but we have seen that NAIRU- based policy is likely to reduce labor productivity

Jahrbücher f. Nationalökonomie u. Statistik (Lucius & Lucius, Stuttgart 2008) Bd. (Vol.) 228/5+6 The Phillips Curve and NAIRU Revisited: New Estimates for Germany By Bernd Fitzenberger, Freiburg, Wolfgang Franz, Mannheim, and Oliver Bode, Wiesbaden* JEL C22, E24, E31 NAIRU, unemployment, inflation, Phillips curve, Okun's Law, German unification, Kalman-Filter, partially linear model. Summary This paper provides new estimates of a time-varying NAIRU for Germany taking account of the structural break caused by German unification using two alternative