Title: Foundations of the Goldilocks Economy: Supply Shocks and the Time-Varying NAIRU
Abstract:The American Economy of the mid-1990s has been a source of envy for the world and of puzzlement for macroeconomists. The civilian unemployment rate has remained below 5 percent for one year and below ...The American Economy of the mid-1990s has been a source of envy for the world and of puzzlement for macroeconomists. The civilian unemployment rate has remained below 5 percent for one year and below 6 percent for almost four years. Despite near universal forecasts in 1994 of accelerating inflation that would accompany a dip of the unemployment rate below 6 percent, inflation actually decelerated significantly between 1994 and 1998. This benign outcome for inflation stands in contrast to the significant acceleration that occurred when unemployment last dipped below 6 percent, in the late 1980s.Read More
Publication Year: 2003
Publication Date: 2003-12-15
Language: en
Type: book-chapter
Indexed In: ['crossref']
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Cited By Count: 263
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