Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/105872
Authors: 
Logeay, Camille
Tober, Silke
Year of Publication: 
2005
Series/Report no.: 
IMK Working Paper 4/2005
Abstract: 
This paper analyses the Nairu in the Euro Area and the influence that hysteresis 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 using explicit exogenous variables. In order to test for hysteresis, the dependence of the Nairu on actual unemployment and long-term unemployment is estimated and found to be significant for the Euro Area and Germany respectively. The existence of hysteresis effects implies the possibility of a long-run non-superneutrality of monetary policy.
Subjects: 
Nairu
hysteresis
Kalman Filter
Phillips curve
superneutrality
JEL: 
C32
E32
E52
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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