Estimating the natural rate of unemploym
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Michael K. Salemi
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Article
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1999
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John Wiley and Sons
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English
β 238 KB
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How should one measure the natural rate of unemployment? This paper proposes a systems procedure as an alternative to NAIRU. The natural rate is treated as an unobserved state variable in a system that includes measurement equations for the unemployment rate, the rate of wage growth and the rate of