Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/18087
Authors: 
Logeay, Camille
Tober, Silke
Year of Publication: 
2003
Series/Report no.: 
DIW Discussion Papers 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

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