Israeli paper finds ‘prolonged decline’ in Nairu
Israel experienced a "prolonged decline" in its non-accelerating inflation rate of unemployment (Nairu) between 2003 and 2012, dropping from 12% to 6.5%, according to a discussion paper published by the Bank of Israel last month.
In Estimating the Nairu using both the Phillips and the Beveridge curves, David Elkayam and Alex Ilek attribute the decline to government policy aimed at making the country's labour market more efficient.
The authors say that both the Phillips curve and the Beveridge
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