Research has found that during and immediately after the serious recessions of 1973 to 1975 and 1981 to 1982, the Beveridge curve also shifted outward, but in both cases it shifted back inward during the recovery.
An alternative solution to this could be using an average of the REER as the proxy for the long-term trend, assuming that on an average a country achieves both internal and external balance over the medium-run. Another important adjustment that is often ignored is the role of changing and divergent productivity across tradables and non-tradables, a la the Balassa Samuelson effect. 46.