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Finance and Economics Discussion Series : Real Wage Dynamics and the Phillips Curve by Karl Whelan (2013, Trade Paperback)

About this product

About this product

Product Information

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 regressions invalidates this approach, a conclusion that has been disputed widely on the grounds that the true autoregression coefficient is close to one. This paper shows that the accelerationist relationship between the change in price inflation and the unemployment rate is consistent with any type of microeconomic real wage dynamics. However, these dynamics will determine how supply shocks affect inflation. Evidence on supply shocks and inflation points against the traditional real wage formulation. Implications for the recent behavior of the NAIRU are explored.

Product Identifiers

Publisher
Creative Media Partners, LLC
ISBN-10
1288717474
ISBN-13
9781288717477
eBay Product ID (ePID)
160086647

Product Key Features

Book Title
Finance and Economics Discussion Series : Real Wage Dynamics and the Phillips Curve
Author
Karl Whelan
Format
Trade Paperback
Language
English
Topic
General
Publication Year
2013
Genre
Political Science
Number of Pages
30 Pages

Dimensions

Item Length
9.7in
Item Height
0.1in
Item Width
7.4in
Item Weight
2.7 Oz

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