A more technically correct, but less attractive, name is the ‘nonaccelerating inflation rate of unemployment’, or NAIRU.3 In some other countries, unemployment has fallen well below previous estimates of the NAIRU before wages growth actually started to pick up. As a result, more recent NAIRU estimates have tended to be revised down.
But when you calculate how much of even a big slowdown in manufacturing passes through to overall GDP, we have to keep that in proportion. Audience member: First, congratulations on an interesting and smart tiering system. I think I agree with you it’s about giving enough balance in excess reserves and excess liquidity.