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Federal Reserve Bank of Cleveland
Economic Commentary
In search of the NAIRU
David E. Altig
Paul Gomme
Abstract

The relationship between the unemployment rate and the nonaccelerating inflation rate of unemployment (NAIRU) is presumed to be an inflationary bellwether, but recent inflation predictions based on it have not been successful. The authors explore the reasons for this failure and suggest that it may be time to replace the NAIRU.


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David E. Altig & Paul Gomme, "In search of the NAIRU" , Federal Reserve Bank of Cleveland, Economic Commentary, issue May, 1998.
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Keywords: Inflation (Finance) ; Unemployment ; Productivity
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