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NAIRU (non-accelerating inflation rate of unemployment)
(1968)
Proposed by American economist Milton Friedman (1912-1992), NAIRU refers to the long-term rate of unemployment at which inflation neither rises nor falls, as upward and downward pressures on wage and price inflation are in equilibrium.
The vertical Phillips curve illustrates this situation.
Source:
M Friedman, 'The Role of Monetary Policy', American Economic Review, vol. LVIII (March, 1968), 1-17
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