The Cost of Job Loss and the "New" Phillips Curve
AbstractEconomists have two standard explanations for the absence of substantial nominal wage pressures in the current macroeconomic climate. The first, and more traditional, view asserts that the NAIRU has drifted downward over the last decade, while the second posits the establishment of a "new paradigm." In this paper, we describe and evaluate a third, and perhaps simpler, explanation--that a stable Phillips-consistent relationship still exists for a different measure of labor market slack, the normalized cost of job loss.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 28 (2002)
Issue (Month): 2 (Spring)
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Phone: (201) 684-7346
Web page: http://www.ramapo.edu/eea/journal.html
More information through EDIRC
Macroeconomics; NAIRU; Phillips Curve; Wage;
Find related papers by JEL classification:
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
- E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
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