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Estimated Inflation Costs Had European Unemployment Been Reduced in the 1980s by Macro Prices

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Abstract

This paper uses a multicountry econometric model to estimate what the inflation costs would have been if macropolicies had reduced European unemployment in the 1982:1-1990:4 period. A "non-NAIRU" framework is proposed for thinking about these costs.

Suggested Citation

  • Ray C. Fair, 1996. "Estimated Inflation Costs Had European Unemployment Been Reduced in the 1980s by Macro Prices," Cowles Foundation Discussion Papers 1129, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:1129
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    References listed on IDEAS

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    1. 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.
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