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Similarities and Differences in Development of Non-Accelerating Inflation Rate of Unemployment and Economic Cycle in Selected Countries in Central Europe by 2008

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  • Emilie Jašová

Abstract

For the estimation of the NAIRU´s development, the slope and the shift of the Phillips curve was applied the system of the methods which are commonly used at the international level. Main contribution of this study is to summarize methods and to compare results for selected countries in the centre of the Europe. The figure of NAIRU can be investigated as a dependent variable during the research time period. Main factors causing the greatest changes of NAIRU or its fluctuations are apart from the inflation expectations themselves also: import prices, exchange rate, prices of oil and indirect taxes.

Suggested Citation

  • Emilie Jašová, 2009. "Similarities and Differences in Development of Non-Accelerating Inflation Rate of Unemployment and Economic Cycle in Selected Countries in Central Europe by 2008," Současná Evropa, University of Economics, Prague, vol. 2009(1), pages 35-51.
  • Handle: RePEc:prg:jnlsev:v:2009:y:2009:i:1:id:61:p:35-51
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    References listed on IDEAS

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    1. Gordon, Robert J, 1990. "What Is New-Keynesian Economics?," Journal of Economic Literature, American Economic Association, vol. 28(3), pages 1115-1171, September.
    2. Robert J. Gordon, 1997. "The Time-Varying NAIRU and Its Implications for Economic Policy," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 11-32, Winter.
    3. Mankiw, N Gregory, 2001. "The Inexorable and Mysterious Tradeoff between Inflation and Unemployment," Economic Journal, Royal Economic Society, vol. 111(471), pages 45-61, May.
    4. Basistha, Arabinda & Nelson, Charles R., 2007. "New measures of the output gap based on the forward-looking new Keynesian Phillips curve," Journal of Monetary Economics, Elsevier, vol. 54(2), pages 498-511, March.
    5. Silvia Fabiani & Ricardo Mestre, 2004. "A system approach for measuring the euro area NAIRU," Empirical Economics, Springer, pages 311-341.
    6. Fabiani, Silvia & Mestre, Ricardo, 2000. "Alternative measures of the NAIRU in the euro area: estimates and assessment," Working Paper Series 0017, European Central Bank.
    7. George A. Akerlof & William R. Dickens & George L. Perry, 1996. "The Macroeconomics of Low Inflation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 1-76.
    8. Silvia Fabiani & Ricardo Mestre, 2004. "A system approach for measuring the euro area NAIRU," Empirical Economics, Springer, pages 311-341.
    9. James Tobin, 1980. "Stabilization Policy Ten Years After," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 11(1, Tenth ), pages 19-90.
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