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Real Wages, Employment, and the Phillips Curve

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  • Sumner, Scott
  • Silver, Stephen

Abstract

A recent study by Mark J. Bils (1985) found real wages to be procyclical, contradicting previous findings by Patrick T. Geary and John Kennan (1982), who found no consistent relationship, and Salih N. Neftci (1978), who found countercyclical movements in real wages. These studies differed in both methodology and sample period. In this study, the authors find that real wages are either procyclical or countercyclical depending on the sample period chosen. Employment changes generated by aggregate supply shocks are associated with procyclical real wage movements, while during years dominated by shifts in aggregate demand, real wages are highly countercyclical. Copyright 1989 by University of Chicago Press.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 97 (1989)
Issue (Month): 3 (June)
Pages: 706-20

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Handle: RePEc:ucp:jpolec:v:97:y:1989:i:3:p:706-20

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Cited by:
  1. Erica L. Groshen & Mark E. Schweitzer, 1996. "Macro- and microeconomic consequences of wage rigidity," Working Paper 9607, Federal Reserve Bank of Cleveland.
  2. repec:spo:wpecon:info:hdl:2441/f4rshpf3v1umfa09lat214kj4 is not listed on IDEAS
  3. Nicholas Apergis & Alexandros Panethimitakis, 2011. "Stylised facts of Greek business cycles: new evidence from aggregate and across regimes data," International Journal of Economics and Business Research, Inderscience Enterprises Ltd, vol. 3(2), pages 147-165.
  4. Kandil, Magda, 2007. "The wage-price spiral: International evidence and implications," Journal of Economics and Business, Elsevier, vol. 59(3), pages 212-240.
  5. Magda Kandil, 2010. "Demand shocks and the cyclical behavior of the real wage: Some international evidence," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 135-158, May.
  6. Dibooglu, Selahattin & Enders, Walter, 2001. "Do Real Wages Respond Asymmetrically to Unemployment Shocks? Evidence from the U.S. and Canada," Journal of Macroeconomics, Elsevier, vol. 23(4), pages 495-515, October.
  7. Martin Schmidt, 2003. "The relative adjustment of wages and prices: direct tests within a multiple-equation system," Applied Economics, Taylor & Francis Journals, vol. 35(8), pages 985-997.
  8. Sharon J. Erenburg, . "Linking Public Capital to Economic Performance, Public Capital: The Missing Link Between Investment and Economic Growth ," Economics Public Policy Brief Archive 14, Levy Economics Institute.
  9. S. Rao Aiyagari, 1995. "Comments on Farmer and Guo's "the econometrics of indeterminacy: an applied study."," Staff Report 196, Federal Reserve Bank of Minneapolis.
  10. Carneiro, Anabela & Portugal, Pedro, 2007. "Workers’ Flows and Real Wage Cyclicality," IZA Discussion Papers 2604, Institute for the Study of Labor (IZA).
  11. Sharon J. Erenburg, 1993. "Productivity, Private and Public Capital, and Real Wage in the United States, 1948-1990," Economics Working Paper Archive wp_94, Levy Economics Institute.
  12. Anne-Gisèle Privat, 2005. "L'avenir des retraites en France: Evalutation de l'impact des réformes de 1993 et de 2033 à l'aide du modèle de microsimulation Artémis," Sciences Po publications info:hdl:2441/f4rshpf3v1u, Sciences Po.
  13. Ulrich Woitek, 2004. "Real Wages and Business Cycle Asymmetries," CESifo Working Paper Series 1206, CESifo Group Munich.
  14. Charles A. Fleischman, 1999. "The causes of business cycles and the cyclicality of real wages," Finance and Economics Discussion Series 1999-53, Board of Governors of the Federal Reserve System (U.S.).
  15. Cervini-Plá, María & Silva, José I. & López-Villavicencio, Antonia, 2012. "Labor disruption costs and real wages cyclicality," MPRA Paper 42366, University Library of Munich, Germany.

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