• Economics
  • Published 2003

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

@inproceedings{Logeay2003TimevaryingNA,
  title={Time-varying Nairu and real interest rates in the Euro Area},
  author={Camille Logeay and Silke Tober},
  year={2003}
}
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… CONTINUE READING

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