The Job Guarantee Model and the NAIRU
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منابع مشابه
برآورد نرخ بیکاری همراه با تورم غیرشتابان و تولید بالقوه
This paper tries to survey and estimate Non-Accelerating Inflation Rate of Unemployment (NAIRU) and potential output. It uses the unobserved components model to propose a new method. The model consists of Ukan Law equations and Philips Curve. It uses unobservable key economic variable in the form of unobserved random trends in an equation system of three variables namely unemployment, gross dom...
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2 Introduction 3 NAIRU vs. Keynes: conflicting theories of unemployment 4 Empirical work (review) 6 Econometric method 7 Testing the NAIRU story 8 Testing the Keynesian story 11 Combining NAIRU and Keynesian factors 12 Conclusion 14 Bibliography 15 Tables 17 Table 1. A NAIRU model 17 Table 2. A Keynesian model 18 Table 3. Unmployment regression: u = c + ∆ infl + rr + ud + tw + tot 19 Table 4. U...
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In a Kaleckian monetary distribution and growth model with conflict inflation we assess the role of a Non Accelerating Inflation Rate of Unemployment (NAIRU). The short run stability of a NAIRU is examined taking into account real debt effects of accelerating and decelerating inflation, and the short run effectiveness of monetary policy interventions applying the interest rate tool is analysed....
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The Non Accelerating In‡ation Rate of Unemployment (NAIRU) is estimated for the post-stabilization period, as an unobserved stochastic variable, using state-of-the-art State Space Models. The NAIRU is identi...ed by a Phillips curve equation, and is assumed to follow a random walk. The basic model is augmented by an equation that captures the persistence of the unemployment gap. We also use the...
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Due to empirical failures, researchers recently have suggested that the inflationunemployment relationship associated with the natural rate of unemployment (NAIRU) should be characterized by more complex dynamics and/or highly nonlinear, switching regimes associated with contractions and expansions. This paper investigates empirically both the appropriate specification of the dynamics of the NA...
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