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| Tekijä: | Batini, N. Greenslade, J.V. |
| Otsikko: | Measuring the UK short-run NAIRU |
| Lehti: | Oxford Economic Papers
2006 : JAN, VOL. 58:1, p.28-49 |
| Asiasana: | inflation measurement unemployment United Kingdom |
| Kieli: | eng |
| Tiivistelmä: | This article derives alternative measures of the short-run NAIRU (SRN) for the United Kingdom, the rate of unemployment at which inflation will neither increase nor decrease the short-run. The NAIRU is estimated jointly with price equations by using the Kalman filter. The work suggests that both structural changes in the labour market and favourable supply shocks may have had a beneficial impact on RPIX inflation over the last few years. It is shown that deviations of unemployment from the short-run NAIRU measures prove helpful in explaining inflation and their usefulness is demonstrated in constructing Taylor-type policy rules for the interest rate. |
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