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Title:Time-varying Nairu and real interest rates in the Euro Area PDF Logo
Authors:Logeay, Camille
Tober, Silke
Issue Date:2003
Series/Report no.:DIW-Diskussionspapiere 351
Abstract:This paper analyses the Nairu in the Euro Area and the influence that monetary policy had on its development. Using the Kalman-filter technique we find that the Nairu has varied considerably since the early seventies. The Kalman-filter technique is applied here for the first time using explicit exogenous variables. In particular real interest rates were found to explain a quarter of the increase in the Nairu between 1980 and 1995. This indicates the possibility of a long-run non-superneutrality of monetary policy.
Subjects:Nairu
Monetary Policy
Kalman Filter
Phillips curve
Superneutrality
JEL:E32
C32
E52
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des DIW
DIW-Diskussionspapiere

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