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| Author: | Coen, R. |
| Title: | The NAIRU and wages in local labor markets |
| Journal: | American Economic Review
1999 : MAY, VOL. 89:2, p. 52-57 |
| Index terms: | ECONOMICS PAY LABOUR MARKETS |
| Language: | eng |
| Abstract: | Unemployment in the United States has been below its presumed NAIRU (non-accelerating-inflation rate of unemployment) of 6 percent for more than four years. The doctrine or dogma of the NAIRU led to the expectation that an unemployment rate below the NAIRU would make accelerating inflation inevitable; but by all measures inflation has, if anything, declined and shows no signs of increasing. The NAIRU doctrine has had a major role in macroeconomic theory and monetary policy for several decades. |
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