Time-varying Nairu and real interest rates in the Euro Area

dc.creator	Logeay, Camille
dc.creator	Tober, Silke
dc.date	2003
dc.date.accessioned	2013-10-16T06:58:11Z
dc.date.available	2013-10-16T06:58:11Z
dc.date.issued	2013-10-16
dc.identifier	http://hdl.handle.net/10419/18087
dc.identifier	ppn:37186268X
dc.identifier.uri	http://koha.mediu.edu.my:8181/xmlui/handle/10419/18087
dc.description	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.
dc.language	eng
dc.publisher	Deutsches Institut für Wirtschaftsforschung (DIW) Berlin
dc.relation	DIW-Diskussionspapiere 351
dc.rights	http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject	E32
dc.subject	C32
dc.subject	E52
dc.subject	ddc:330
dc.subject	Nairu
dc.subject	Monetary Policy
dc.subject	Kalman Filter
dc.subject	Phillips curve
dc.subject	Superneutrality
dc.subject	Natürliche Arbeitslosigkeit
dc.subject	Phillips-Kurve
dc.subject	Geldpolitik
dc.subject	Realzins
dc.subject	Europäische Wirtschafts- und Währungsunion
dc.subject	Schätzung
dc.subject	EU-Staaten
dc.title	Time-varying Nairu and real interest rates in the Euro Area
dc.type	doc-type:workingPaper
dc.coverage	1980-1995

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