THE RETURN OF THE WAGE PHILLIPS CURVE

• 成果类型: Article
• 署名作者: Gali, Jordi
• 署名单位: Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1111/j.1542-4774.2011.01023.x
• 发表日期: 2011
• 页码: 436-461
• 关键词: monetary-policy; inflation dynamics; keynesian model; business-cycle; unemployment; prices; rigidities; frictions; search; nairu

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 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 US economy, even under the strong assumption of a constant natural rate of unemployment.