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The US Wage Phillips Curve over Different Time Horizons

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  • M. Gallegati

    ()
    (Università Politecnica delle Marche)

  • M. Gallegati

    (Università Politecnica delle Marche)

  • James B. Ramsey

    (New York University)

  • Willi Semmler

    (New School University)

Abstract

In 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 Info

Article 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)
Pages: 113-148

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Handle: RePEc:gde:journl:gde_v68_n2_p113-148

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Related research

Keywords: Wage Phillips curve; Wavelets; Band-pass filter; Phase shift analysis.;

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