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| Tekijä: | Moghadam, R. Wren-Lewis, S. |
| Otsikko: | Are wages forward looking? |
| Lehti: | Oxford Economic Papers
1994 : JUL, VOL. 46:3, p. 403-424 |
| Asiasana: | UNITED KINGDOM EARNINGS FUTURE |
| Kieli: | eng |
| Tiivistelmä: | This paper presents a study of UK earnings over the period 1967-87 aimed at establishing whether wage setters anticipate future movements in prices. Two models are proposed: the first where agents form rational predictions abuot future price movements, and the second where they use simple rules-of-thumb, based on price movements. Thes two dynamic models , based on the same long-run equation, are compared, drawing on the methods of Hendry. |
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