Hysteresis, the Phillips Curve and the Costs of Monetary Union

David Philip Cobham; S Williams

Hysteresis, the Phillips Curve and the Costs of Monetary Union

David Philip Cobham, S Williams

Research output: Contribution to journal › Article › peer-review

Abstract

If actual unemployment affects the non-accelerating inflation rate of unemployment (NAIRU) through a hysteresis effect, the disinflation involved in reducing a country's inflation rate to that of its future partners in a monetary union could produce a long term cost to monetary union in the form of a lasting rise in the NAIRU. This note sets out a framework for analysing the likelihood of such an eventuality.

Original language	English
Pages (from-to)	477-480
Number of pages	4
Journal	Applied Economics Letters
Volume	5
Issue number	8
Publication status	Published - Aug 1998

Keywords

NATURAL RATE
UNEMPLOYMENT

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Cite this

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abstract = "If actual unemployment affects the non-accelerating inflation rate of unemployment (NAIRU) through a hysteresis effect, the disinflation involved in reducing a country's inflation rate to that of its future partners in a monetary union could produce a long term cost to monetary union in the form of a lasting rise in the NAIRU. This note sets out a framework for analysing the likelihood of such an eventuality.",

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AB - If actual unemployment affects the non-accelerating inflation rate of unemployment (NAIRU) through a hysteresis effect, the disinflation involved in reducing a country's inflation rate to that of its future partners in a monetary union could produce a long term cost to monetary union in the form of a lasting rise in the NAIRU. This note sets out a framework for analysing the likelihood of such an eventuality.

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KW - UNEMPLOYMENT

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JO - Applied Economics Letters

JF - Applied Economics Letters

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Hysteresis, the Phillips Curve and the Costs of Monetary Union

Abstract

Keywords

UN SDGs

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