Low rates of inflation have been recorded in the United States in recent years despite a decline in the unemployment rate. This phenomenon could be the results of a series of transitory shocks or of a permanent charge in the structure of the economy leading to a lower NAIRU. The paper suggests that while the NAIRU may have fallen slighlty, it has not fallen by an amoun sufficient to explain the recent behaviour of inflation.
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Paper provided by College Dublin, Department of Political Economy- in its series Papers with number
00/16.
Length: 14 pages Date of creation: 2000 Date of revision: Handle: RePEc:fth:dublec:00/16
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Find related papers by JEL classification: E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation