Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/209777
Authors: 
Bårdsen, Gunnar
Nymoen, Ragnar
Year of Publication: 
2000
Series/Report no.: 
Arbeidsnotat No. 2000/3
Publisher: 
Norges Bank, Oslo
Abstract: 
Estimates of the NAIRU are usually derived either from a Phillips curve or from a wage curve. This paper investigates the correspondence between the operational NAIRU-concepts and the steady state of a dynamic wage-price model. We derive the parameter restrictions that secure that correspondence. The full set of restrictions can be tested by econometric analysis of the wage-price system, and this method is demonstrated for Norwegian data. A set of necessary conditions can be tested from estimated wage curves alone. Existing international evidence from empirical wage equations are re-interpreted in light of these conditions.
Subjects: 
NAIRU
Phillips curve
wage curve
steady state
natural rate
dynamic modelling
JEL: 
C51
C52
E24
E31
J30
Persistent Identifier of the first edition: 
ISBN: 
82-7553-159-4
Creative Commons License: 
https://creativecommons.org/licenses/by-nc-nd/4.0/deed.no
Document Type: 
Working Paper
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