Arbeitspapier
Measuring The UK Short-Run NAIRU
This paper derives alternative measures of the short-run NAIRU (SRN) for the UK, the rate for unemployment at which inflation will neither increase nor decrease in the short-run. We estimate the NAIRU jointly with price equations by using the Kalman filter. Our work suggests that both structural changes in the labour market and favourable supply shocks may have had a beneficial impact on RPIX inflation over the last few years. We show that deviations of unemployment from the short-run NAIRU measures prove helpful in predicting inflation and we demonstrate their usefulness in Taylor-type policy rules for the interest rate.
- Language
-
Englisch
- Bibliographic citation
-
Series: External MPC Unit Discussion Paper ; No. 12
- Classification
-
Wirtschaft
- Event
-
Geistige Schöpfung
- (who)
-
Batini, Nicoletta
Greenslade, Jennifer
- Event
-
Veröffentlichung
- (who)
-
Bank of England, External Monetary Policy Committee Unit
- (where)
-
London
- (when)
-
2003
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Batini, Nicoletta
- Greenslade, Jennifer
- Bank of England, External Monetary Policy Committee Unit
Time of origin
- 2003
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