This paper uses a multicountry econometric model to estimate what the inflation costs would have been if macropolicies had reduced European unemployment in the 1982:1-1990:4 period. A “non-NAIRU” framework is proposed for thinking about these costs.
Fair, Ray C., "Estimated Inflation Costs Had European Unemployment Been Reduced in the 1980s by Macro Prices" (1996). Cowles Foundation Discussion Papers. 1375.