The return of the wage Phillips curve
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- dc.contributor.author Galí, Jordi, 1961-ca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T10:50:42Z
- dc.date.available 2017-07-26T10:50:42Z
- dc.date.issued 2009-05-01
- dc.date.modified 2017-07-23T02:13:01Z
- dc.description.abstract The standard New Keynesian model with staggered wage setting is shown to imply a simple dynamic relation between wage inflation and unemployment. Under some assumptions, that relation takes a form similar to that found in empirical wage equations-starting from Phillips' (1958) original work-and may thus be viewed as providing some theoretical foundations to the latter. The structural wage equation derived here is shown to account reasonably well for the comovement of wage inflation and the unemployment rate in the U.S. economy, even under the strong assumption of a constant natural rate of unemployment.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1199
- dc.identifier.uri http://hdl.handle.net/10230/6051
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1199
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword staggered nominal wage setting
- dc.subject.keyword new keynesian model
- dc.subject.keyword unemployment fluctuations
- dc.subject.keyword empirical wage equations.
- dc.subject.keyword Macroeconomics and International Economics
- dc.title The return of the wage Phillips curveca
- dc.type info:eu-repo/semantics/workingPaper