Opinions on NAIRU

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NAIRU is an acronym for non-accelerating inflation rate of unemployment, and refers to a level of unemployment below which inflation rises. It was first introduced as NIRU (non-inflationary rate of unemployment) in ModiglianiPapademos (1975), as an improvement over the "natural rate" of unemployment concept, which was proposed earlier by Milton Friedman.

Monetary policy conducted under the assumption of a NAIRU involves allowing just enough unemployment in the economy to prevent inflation rising above a given target figure. Prices are allowed to increase gradually and some unemployment is tolerated.

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Thanks to this graph, we can see the interest NAIRU has and the evolution of its popularity.

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