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Unemployment hysteresis and the natural rate of vacancies

✍ Scribed by By Knut Røed

Publisher
Springer-Verlag
Year
2002
Tongue
English
Weight
242 KB
Volume
27
Category
Article
ISSN
0377-7332

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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