Hysteresis, the Phillips Curve and the Costs of Monetary Union
If actual unemployment affects the NAIRU through a hysterisis effect, the disinflation involved in reducing a country's inflation rate to that of its future partners in a monetary union could produce a long term cost to monetary union in the form of a lasting rise in the NAIRU. This note sets out a framework for analysing the likelihood of such an eventuality.
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|Date of creation:||Oct 1996|
|Date of revision:|
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