NAIRU Uncertainty and Nonlinear Policy Rules
为Meyer(1999)提出的NAIRU不确定性加剧时应对失业率变化采取非线性政策规则提供了理论依据,并比较了线性与非线性规则在不确定性高时的表现。
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.