Testing Steady-State Implications for the NAIRU

• Autores: Gunnar Bardsen, Ragnar Nymoen
• Localización: The Review of economics and statistics, ISSN 0034-6535, Vol. 85, Nº 4, 2003, págs. 1070-1075
• Idioma: inglés
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• Resumen

  • 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 reinterpreted in light of these conditions