Hongmei Zhao

Overview

Hongmei Zhao is the author of an undated working paper applying Blanchard-Quah (1989) long-run structural VAR identification to estimate the U.S. NAIRU over 1960–2000. No institutional affiliation is given in the paper.

Key Contributions / Features

• Zhao (undated): Bivariate VAR in $(\Delta\pi, u)$ with long-run restriction identifies NAIRU as the component of unemployment with no long-run inflation effect; U.S. NAIRU fell from ~7% (1993) to ~3% (2000); long-run Phillips Curve shifted from 6.8% to 4% around 1997.

Related

• NAIRU
• Structural Identification
• Vector Autoregression
• Zhao (undated) Measuring the NAIRU