The US Wage Phillips Curve across Frequencies and over Time*
2011; Wiley; Volume: 73; Issue: 4 Linguagem: Inglês
10.1111/j.1468-0084.2010.00624.x
ISSN1468-0084
AutoresMarco Gallegati, Mauro Gallegati, James B. Ramsey, Willi Semmler,
Tópico(s)Monetary Policy and Economic Impact
ResumoOxford Bulletin of Economics and StatisticsVolume 73, Issue 4 p. 489-508 The US Wage Phillips Curve across Frequencies and over Time* Marco Gallegati, Marco Gallegati Department of Economics, Università Politecnica delle Marche, Ancona, Italy (e-mails: marco.gallegati@univpm.it; mauro.gallegati@univpm.it)Search for more papers by this authorMauro Gallegati, Mauro Gallegati Department of Economics, Università Politecnica delle Marche, Ancona, Italy (e-mails: marco.gallegati@univpm.it; mauro.gallegati@univpm.it)Search for more papers by this authorJames Bernard Ramsey, James Bernard Ramsey Department of Economics, New York University, New York, USA (e-mail: james.ramsey@nyu.edu)Search for more papers by this authorWilli Semmler, Willi Semmler Department of Economics, New School University, New York, USA and CEM University of Bielefeld, Germany (e-mail: semmlerw@newschool.edu)Search for more papers by this author Marco Gallegati, Marco Gallegati Department of Economics, Università Politecnica delle Marche, Ancona, Italy (e-mails: marco.gallegati@univpm.it; mauro.gallegati@univpm.it)Search for more papers by this authorMauro Gallegati, Mauro Gallegati Department of Economics, Università Politecnica delle Marche, Ancona, Italy (e-mails: marco.gallegati@univpm.it; mauro.gallegati@univpm.it)Search for more papers by this authorJames Bernard Ramsey, James Bernard Ramsey Department of Economics, New York University, New York, USA (e-mail: james.ramsey@nyu.edu)Search for more papers by this authorWilli Semmler, Willi Semmler Department of Economics, New School University, New York, USA and CEM University of Bielefeld, Germany (e-mail: semmlerw@newschool.edu)Search for more papers by this author First published: 16 February 2011 https://doi.org/10.1111/j.1468-0084.2010.00624.xCitations: 90 † The authors thank two anynomous referees for their valuable comments and suggestions, as well as participants at the International workshop on Advances in Macrodynamics, Bielefeld, 28–29 July, 2007 and the Annual Latin American Meeting of the Econometric Society, Rio de Janeiro, 20–22 November, 2008. The empirical analysis was carried out using R (see R Development Core Team, 2008). Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Abstract Although widely used in many areas of applied sciences, wavelet analysis has not fully entered the economic discipline yet. In this article we apply wavelet analysis to one of the most investigated relationships is in empirical macroeconomics: the relationship between wage inflation and unemployment. Using US postwar data we find a frequency-dependent relationship of a sort that is consistent with Phillips’ original insights. It also turns out that this relationship is remarkably stable over the 1948–93 period, but not in the aftermath, as a consequence of a process of adaption of the wage formation process to a low inflation environment. Citing Literature Volume73, Issue4August 2011Pages 489-508 RelatedInformation
Referência(s)