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The Cost of Job Loss and the "New" Phillips Curve

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  • Peter Hans Matthews

    ()
    (Economics Department, Middlebury College)

  • Ivan T. Kandilov

    (University of Michigan)

Abstract

Economists 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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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume28/V28N2P181_202.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 28 (2002)
Issue (Month): 2 (Spring)
Pages: 181-202

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Handle: RePEc:eej:eeconj:v:28:y:2002:i:2:p:181-202

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Postal: c/o Dr. Alexandre Olbrecht, The Anisfield School of Business 205, Ramapo College, 505 Ramapo Valley Road, Ramapo, New Jersey 07430, USA
Phone: (201) 684-7346
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Web page: http://www.ramapo.edu/eea/journal.html
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Related research

Keywords: Macroeconomics; NAIRU; Phillips Curve; Wage;

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References

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  1. Katharine G. Abraham & John S. Greenlees & Brent R. Moulton, 1998. "Working to Improve the Consumer Price Index," Journal of Economic Perspectives, American Economic Association, vol. 12(1), pages 27-36, Winter.
  2. Blanchflower, David G, 1991. "Fear, Unemployment and Pay Flexibility," Economic Journal, Royal Economic Society, vol. 101(406), pages 483-96, May.
  3. Samuel Bowles & Herbert Gintis, 1993. "The Revenge of Homo Economicus: Contested Exchange and the Revival of Political Economy," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 83-102, Winter.
  4. George A. Akerlof & William R. Dickens & George L. Perry, 1996. "The Macroeconomics of Low Inflation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 1-76.
  5. Lawrence F. Katz & Olivier Blanchard, 1999. "Wage Dynamics: Reconciling Theory and Evidence," American Economic Review, American Economic Association, vol. 89(2), pages 69-74, May.
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Cited by:
  1. Peter Matthews, 2002. "Technological Unemployment: A New View," Middlebury College Working Paper Series 0212, Middlebury College, Department of Economics.

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