Testing the NAIRU Model for the United States

Name: Work Video:
Duration: 3 min 30 s
Description: This paper tests, using U.S. data, the dynamics implied by the NAIRU view of the relationship between inflation and the unemployment rate. The results are somewhat sensitive to the measure of inflation used, but they generally reject the dynamics. An alternative way of thinking about the relationship between inflation and the unemployment rate is suggested.
Ray C. Fair
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