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A forecast based NAIRU measure of the US

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  • Hyeon-Seung Huh

Abstract

This paper proposes a method to estimate the NAIRU for the U.S. It shares the notion of Estrella and Mishkin (1999) that defines the NAIRU as a leading indicator of inflation changes over the policy horizon. Our alternative construction offers a more theoretically sound and practically useful estimate of the NAIRU.

Suggested Citation

  • Hyeon-Seung Huh, 2006. "A forecast based NAIRU measure of the US," Applied Economics Letters, Taylor & Francis Journals, vol. 13(3), pages 177-182.
    • Handle: RePEc:taf:apeclt:v:13:y:2006:i:3:p:177-182
    DOI: 10.1080/13504850500392941
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    References listed on IDEAS

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    1. Thomas Laubach, 2001. "Measuring The NAIRU: Evidence From Seven Economies," The Review of Economics and Statistics, MIT Press, vol. 83(2), pages 218-231, May.
    2. Hongyi Li & G. S. Maddala, 1999. "Bootstrap Variance Estimation Of Nonlinear Functions Of Parameters: An Application To Long-Run Elasticities Of Energy Demand," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 728-733, November.
    3. Christiano, Lawrence J & Eichenbaum, Martin & Evans, Charles, 1996. "The Effects of Monetary Policy Shocks: Evidence from the Flow of Funds," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 16-34, February.
    4. Evans, George W., 1989. "A measure of the U.S. output gap," Economics Letters, Elsevier, vol. 29(4), pages 285-289.
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