Are Wages Forward Looking?
AbstractThis 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 InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 46 (1994)
Issue (Month): 3 (July)
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- Gunnar Bårdsen & Eilev S. Jansen & Ragnar Nymoen, 2000.
"Model Specification and Inflation Forecast Uncertainty,"
Working Paper Series
1302, Department of Economics, Norwegian University of Science and Technology, revised 29 Jan 2002.
- Gunnar BARDSEN & Eilev JANSEN & Ragnar NYMOEN, 2002. "Model Specification and Inflation Forecast Uncertainty," Annales d'Economie et de Statistique, ENSAE, issue 67-68, pages 495-517.
- Bårdsen, Gunnar & Jansen, Eilev S. & Nymoen, Ragnar, 2003. "Testing the New Keynesian Phillips curve," Memorandum 18/2002, Oslo University, Department of Economics.
- Darby, Julia & Ireland, Jonathan & Leith, Campbell & Wren-Lewis, Simon, 1998. "COMPACT: a rational expectations, intertemporal model of the United Kingdom economy," Economic Modelling, Elsevier, vol. 16(1), pages 1-52, January.
- Kees Folmer, 2009. "Why do macro wage elasticities diverge?," CPB Memorandum 224, CPB Netherlands Bureau for Economic Policy Analysis.
- Harald Uhlig & Martin Lettau, 1999. "Rules of Thumb versus Dynamic Programming," American Economic Review, American Economic Association, vol. 89(1), pages 148-174, March.
- Kees Folmer, 2009. "Why do macro wage elasticities diverge? A meta analysis," CPB Discussion Paper 122, CPB Netherlands Bureau for Economic Policy Analysis.
- Ragnar Nymoen & Gunnar Bardsen & Eilev S. Jansen, 2004. "The empirical relevance of the New Keynesian Phillips curve," Econometric Society 2004 North American Winter Meetings 328, Econometric Society.
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