Wage Curve vs. Phillips Curve: Are There Macroeconomic Implications?
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چکیده
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Wage 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 کاملWage Curve vs. Phillips Curve: Are There Macroeconomic Implications? I Am Grateful to Eric Engstrom for Research Assistance And
The standard derivation of the accelerationist Phillips curve relates expected real wage innation to the unemployment rate and invokes a constant price markup and adaptive expectations to generate the accelerationist price innation formula. Blanchhower and Oswald (1994) argue that microeconomic evidence of a low autoregression coeecient in real wage regressions invalidates the macroeconomic Phi...
متن کاملThe 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 کاملThe Phillips Curve and U.S. Macroeconomic Policy: Snapshots, 1958-1996
T he curve first drawn by A.W. Phillips in 1958, highlighting a negative relationship between wage inflation and unemployment, figured prominently in the theory and practice of macroeconomic policy during 1958–1996. Within a decade of Phillips’ analysis, the idea of a relatively stable longrun tradeoff between price inflation and unemployment was firmly built into policy analysis in the United ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 1998
ISSN: 1556-5068
DOI: 10.2139/ssrn.44610