Explaining the Recent Behavior of Inflation and Unemployment in the United States

Explaining the Recent Behavior of Inflation and Unemployment in the United States
Low rates of inflation have been recorded in recent years, despite a decline in the unemployment rate. This phenomenon could be the result of a series of transitory shocks or of a permanent change in the structure of the economy leading to a lower NAIRU. The paper suggests that, while the NAIRU may have fallen slightly, it has not fallen by an... READ MORE...

Publication date: September 1998
ISBN 9781451856514
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