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Are Wages Forward Looking?

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  • Moghadam, Reza
  • Wren-Lewis, Simon

Abstract

This paper presents a study of U.K. earnings over the period 1967-87 aimed at establishing whether wagesetters anticipate future movements in prices. Two models are proposed: the first where agents form rational predictions about future price movements and the second where they use simple rules-of-thumb based on past price movements. These two dynamic models, based on the same long-run equation, are compared, drawing on the methods of D. F. Hendry. Copyright 1994 by Royal Economic Society.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 46 (1994)
Issue (Month): 3 (July)
Pages: 403-24

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Handle: RePEc:oup:oxecpp:v:46:y:1994:i:3:p:403-24

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Cited by:
  1. Darby, Julia & Ireland, Jonathan & Leith, Campbell & Wren-Lewis, Simon, 1998. "COMPACT: a rational expectations, intertemporal model of the United Kingdom economy," Economic Modelling, Elsevier, Elsevier, vol. 16(1), pages 1-52, January.
  2. Gunnar Bårdsen & Eilev S. Jansen & Ragnar Nymoen, 2000. "Model Specification and Inflation Forecast Uncertainty," Working Paper Series, Department of Economics, Norwegian University of Science and Technology 1302, Department of Economics, Norwegian University of Science and Technology, revised 29 Jan 2002.
  3. Bårdsen, Gunnar & Jansen, Eilev S. & Nymoen, Ragnar, 2003. "Testing the New Keynesian Phillips curve," Memorandum, Oslo University, Department of Economics 18/2002, Oslo University, Department of Economics.
  4. Kees Folmer, 2009. "Why do macro wage elasticities diverge?," CPB Memorandum, CPB Netherlands Bureau for Economic Policy Analysis 224, CPB Netherlands Bureau for Economic Policy Analysis.
  5. Kees Folmer, 2009. "Why do macro wage elasticities diverge? A meta analysis," CPB Discussion Paper, CPB Netherlands Bureau for Economic Policy Analysis 122, CPB Netherlands Bureau for Economic Policy Analysis.
  6. Harald Uhlig & Martin Lettau, 1999. "Rules of Thumb versus Dynamic Programming," American Economic Review, American Economic Association, American Economic Association, vol. 89(1), pages 148-174, March.
  7. Ragnar Nymoen & Gunnar Bardsen & Eilev S. Jansen, 2004. "The empirical relevance of the New Keynesian Phillips curve," Econometric Society 2004 North American Winter Meetings, Econometric Society 328, Econometric Society.

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