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 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 8 Decent Work and Economic Growth
Keywords
- NATURAL RATE
- UNEMPLOYMENT
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