In an opinion column in the Wall Street Journal, Alan Blinder of Princeton University observed that the
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In an opinion column in the Wall Street Journal, Alan Blinder of Princeton University observed that the FOMC’s current estimate of the NAIRU was 4.5 percent. “That could be right. But a year ago the committee thought NAIRU was 4.7%, and three years ago it pegged it at 5.1%.”
a. What is the NAIRU?
b. Why are there disagreements over the value of the NAIRU?
c. Is it a problem for the Fed to not have a firm estimate of the NAIRU?
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a which stands for NonAccelerating Inflation Rate of Unemployment is an economic concept that represents the level of unemployment at which inflation ...View the full answer
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