OECD Journal: Economic Studies, Volume 2014 Issue 1

Rescuing the Phillips curve: Making use of long-term unemployment in the measurement of the NAIRU

DOI:https://dx.doi.org/10.1787/eco_studies-2014-5jxrcm2cdff6

Despite the increased importance of cyclically-adjusted measures of labour market slack for policymaking, estimates of the NAIRU have become increasingly fragile. Particularly for euro area countries, NAIRU estimates represent a crucial input to ...



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