Testing Steady-State Implications for the NAIRU

Autor:	Ragnar Nymoen, Gunnar Bårdsen
Rok vydání:	2003
Předmět:	Economics and Econometrics Wage curve Steady state (electronics) jel:C52 Phillips curve wage curve steady state natural rate NAIRU dynamic modelling media_common.quotation_subject jel:C51 Wage Econometric analysis jel:E31 jel:E24 jel:J30 Set (abstract data type) Competition model Econometrics Economics Social Sciences (miscellaneous) media_common
Zdroj:	Review of Economics and Statistics. 85(4):1070-1075
DOI:	10.1162/003465303772815943
Popis:	Estimates of the NAIRU are usually derived either from a Phillips curve or from a wage curve. This paper investigates the correspondence between the operational NAIRU concepts and the steady state of a dynamic wage-price model. We derive the parameter restrictions that secure that correspondence. The full set of restrictions can be tested by econometric analysis of the wage-price system, and this method is demonstrated for Norwegian data. A set of necessary conditions can be tested from estimated wage curves alone. Existing international evidence from empirical wage equations are reinterpreted in light of these conditions. © 2003 President and Fellows of Harvard College and the Massachusetts Institute of Technology.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::945efaf21ac6be28ffa63f1a1366cd91 http://www.mitpressjournals.org/doi/pdf/10.1162/003465303772815943 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
Nepřihlášeným uživatelům se plný text nezobrazuje	K zobrazení výsledku je třeba se přihlásit.