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| Tekijä: | Gali, J. |
| Otsikko: | The return of the wage Phillips curve |
| Lehti: | Journal of the European Economic Association
2011 : JUN, VOL. 9:3, p. 436-461 |
| Asiasana: | pay empirical research unemployment USA econometric models |
| Vapaa asiasana: | economic models wages unite states |
| Kieli: | eng |
| Tiivistelmä: | The standard New Keynesian model with staggered wage setting is proven to imply a simple dynamic relationship between wage inflation and unemployment. Under some assumptions, that relation takes a similar form to what's found in empirical wage equations - beginning from Phillips' (1958) original work - and may thus be viewed as providing some theoretical basis to the latter. The structural wage equation derived here is demonstrated to account reasonably well for the comovement of wage inflation and the US economy unemployment rate, even under the bold assumption of a constant natural rate of unemployment. |
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