Testing Steady-State Implications for the NAIRU

Arbeitspapier

Estimates of the NAIRU are usually derived either from a Phillips curve or from a wage curve. This paper investigates the correspondence between the operational NAIRU-concepts and the steady state of a dynamic wage-price model. We derive the parameter restrictions that secure that correspondence. The full set of restrictions can be tested by econometric analysis of the wage-price system, and this method is demonstrated for Norwegian data. A set of necessary conditions can be tested from estimated wage curves alone. Existing international evidence from empirical wage equations are re-interpreted in light of these conditions.

Angaben zum Objekt

• ISBN: 82-7553-159-4
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Arbeidsnotat ; No. 2000/3

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Model Construction and Estimation ; Model Evaluation, Validation, and Selection ; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity ; Price Level; Inflation; Deflation ; Wages, Compensation, and Labor Costs: General
• Thema: NAIRU ; Phillips curve ; wage curve ; steady state ; natural rate ; dynamic modelling

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Bårdsen, Gunnar ; Nymoen, Ragnar
• Ereignis: Veröffentlichung
• (wer): Norges Bank
• (wo): Oslo
• (wann): 2000

Weitere Informationen

• Handle: http://hdl.handle.net/10419/209777
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ