G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7700
DP7700 The Return of the Wage Phillips Curve
Jordi Gali
发表日期2010-02-14
出版年2010
语种英语
摘要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 applications--starting with the original Phillips (1958) curve--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.
主题International Macroeconomics
关键词New keynesian model Staggered nominal wage setting Unemployment fluctuations
URLhttps://cepr.org/publications/dp7700
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/536537
推荐引用方式
GB/T 7714
Jordi Gali. DP7700 The Return of the Wage Phillips Curve. 2010.
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