The US Wage Phillips Curve over Different Time Horizons
AbstractIn this paper we examine the features of the US wage Phillips curve over different time horizons analyzing the original Phillips’ specification on a scale-by-scale basis with data transformed by wavelet and band-pass filtering methods. Our results provide compelling evidence that the wage Phillips curve relationship is frequency-dependent, i.e. it varies across frequency bands. In particular, estimation results over frequency bands beyond the business cycle horizon, where the variables have large coefficient values, are very highly significant and explain a substantial proportion of the total variation of nominal wage changes, suggest that the medium-run may be a correct time frame for the wage Philips’ relationship.
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Bibliographic InfoArticle provided by GDE (Giornale degli Economisti e Annali di Economia), Bocconi University in its journal Giornale degli Economisti e Annali di Economia.
Volume (Year): 68 (2009)
Issue (Month): 2 (July)
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Web page: http://www.gde.unibocconi.it/
Find related papers by JEL classification:
- C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
- 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
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