منابع مشابه
The Wage Curve and the Phillips Curve
Blanchflower and Oswald (1994) have argued that, in regional data, the level of unemployment is related to the fevel of wages. This result is at variance with an application of the original Phillips curve to regional data, which would predict that the change in wages ought to be related to the unemployment rate. On the other hand, there is considerable empirical support for the expectations-aug...
متن کاملReal Wage Dynamics and the Phillips Curve
Since Friedman (1968), the traditional derivation of the accelerationist Phillips curve has related expected real wage inflation to the unemployment rate and then invoked markup pricing and adaptive expectations to generate the accelerationist price inflation equation. Blanchflower and Oswald (1994) have argued that microeconomic evidence of a low autoregression coefficient in real wage regress...
متن کاملWage Curve vs . Phillips Curve : Are There Macroeconomic Implications ?
The standard derivation of the accelerationist Phillips curve relates expected real wage in ation to the unemployment rate and invokes a constant price markup and adaptive expectations to generate the accelerationist price in ation formula. Blanch ower and Oswald (1994) argue that microeconomic evidence of a low autoregression coe cient in real wage regressions invalidates the macroeconomic Phi...
متن کاملThe Dynamics of Income Shares and the Wage Curve-Phillips Curve Controversy
This paper argues that the Phillips curve–wage curve controversy cannot be settled within the conventional testing frameworks and suggests an alternative test, which builds on the model of Blanchard and Katz (1997). Using long macro data for the OECD countries, the evidence gives very strong support for the Phillips curve and indicates that wage behaviour is no different among the OECD countrie...
متن کاملDoes Micro Evidence Support the Wage Phillips Curve in Canada?
The existing macroeconometric evidence lends support to the wage Phillips curve by showing a negative relation between the rate of change in wages and the unemployment rate, conditional on lagged price inflation. Most theoretical models of wage setting, however, generate a “wage curve,” described by a negative relation between the level of the real wage and unemployment. Real wage dynamics have...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 1998
ISSN: 1556-5068
DOI: 10.2139/ssrn.94270