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    <SEQUENTIAL>
      <record key="001" att1="001" value="LIB909801800" att2="LIB909801800">001   LIB909801800</record>
      <field key="037" subkey="x">englisch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/eco/es-36.pdf</field>
      <field key="079" subkey="z">Pichelmann, Karl - et al., The NAIRU - Concept: A Few Remarks</field>
      <field key="079" subkey="y">http://ideas.repec.org/p/ihs/ihsesp/36.html</field>
      <field key="079" subkey="z">Institute for Advanced Studies. Economics Series; 36 (RePEc)</field>
      <field key="100" subkey="">Pichelmann, Karl</field>
      <field key="103" subkey="">Department of Economics, Institute for Advanced Studies, Vienna</field>
      <field key="104" subkey="a">Schuh, Andreas-Ulrich</field>
      <field key="107" subkey="">Ministry of Finance</field>
      <field key="331" subkey="">The NAIRU - Concept: A Few Remarks</field>
      <field key="403" subkey="">1. Ed.</field>
      <field key="410" subkey="">Wien</field>
      <field key="412" subkey="">Institut für Höhere Studien</field>
      <field key="425" subkey="">1996, September</field>
      <field key="433" subkey="">20 pp.</field>
      <field key="451" subkey="">Institut für Höhere Studien; Reihe Ökonomie; 36</field>
      <field key="451" subkey="h">Kunst, Robert M. (Ed.) ; Helmenstein, Christian (Ed.) ; Riedl, Arno (Ed.)</field>
      <field key="461" subkey="">Economics Series</field>
      <field key="544" subkey="">IHSES 36</field>
      <field key="700" subkey="">E24</field>
      <field key="700" subkey="">C51</field>
      <field key="720" subkey="">NAIRU</field>
      <field key="720" subkey="">Hysteresis Mechanisms</field>
      <field key="753" subkey="">Abstract: This note gives a brief survey of main theoretical and empirical issues with respect to the NAIRU concept. According to</field>
      <field key="mod" subkey="e">rn labour market literature NAIRU is defined as the rate of unemployment at which inflation stabilizes in the absence of any</field>
      <field key="wag" subkey="e">-price surprises. Conventional thinking about the equilibrium unemployment rate assumes that in the long run NAIRU is</field>
      <field key="det" subkey="e">rmined solely by supply side factors of the labour market. We show that quite complex adjustment dynamics may arise even in</field>
      <field key="sim" subkey="p">le log-linear wage-price models. Furthermore we provide a survey on a number of "hysteresis-mechanisms" which could lead to</field>
      <field key="per" subkey="m">anent shifts of equilibrium unemployment over time, implying that an unique long run NAIRU may not even exist. In addition to</field>
      <field key="the" subkey="o">retical issues we refer to two serious problems which might arise with empirical applications of the NAIRU concept. First</field>
      <field key="var" subkey="i">ous empirical studies suggest that results highly depend on model specifications. Second a considerable amount of statistical</field>
      <field key="imp" subkey="r">ecision is inherent in the results obtained from empirical estimates. For these reasons, we argue, that policy conclusions</field>
      <field key="dra" subkey="w">n from the NAIRU concept must be judged with utmost care, particularly since in many countries a number of labour market</field>
      <field key="mea" subkey="s">ures as well as monetary policy are based on this concept.;</field>
    </SEQUENTIAL>
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