NAIRU Uncertainty and Nonlinear Policy Rules

descriptionPublicationkeyboard_double_arrow_right Article , Preprint 01 Jan 2001 English Publisher:Elsevier BVJournal:SSRN Electronic Journal (eissn: 1556-5068,

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Authors: Volker W. Wieland; Laurence H. Meyer; Eric T. Swanson;

doi: 10.2139/ssrn.256714 , 10.17016/feds.2001.01 , 10.1257/aer.91.2.226

NAIRU Uncertainty and Nonlinear Policy Rules

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Abstract

Meyer (1999) has suggested that episodes of heightened uncertainty about the NAIRU may warrant a nonlinear policy response to changes in the unemployment rate. This paper offers a theoretical justification for such a nonlinear policy rule, and provides some empirical evidence on the relative performance of linear and nonlinear rules when there is heightened uncertainty about the NAIRU.

Related Organizations

Goethe University Frankfurt
Germany
University of California, Irvine
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Government of the United States of America
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Federal Reserve System
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Federal Reserve Board of Governors
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Keywords

Inflation (Finance) ; Unemployment, jel: jel:E52, jel: jel:E31, jel: jel:E24

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