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The return of the wage Phillips curve
Galí, Jordi
Universitat Pompeu Fabra. Departament d'Economia i Empresa
The standard New Keynesian model with staggered wage settingis shown to imply a simple dynamic relation between wage inflationand unemployment. Under some assumptions, that relation takes aform similar to that found in empirical wage equations-starting fromPhillips' (1958) original work-and may thus be viewed as providingsome 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 ofunemployment.
Macroeconomics and International Economics
staggered nominal wage setting
new keynesian model
unemployment fluctuations
empirical wage equations.
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