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 InfoPaper provided by London School of Economics - Centre for Labour Economics in its series Papers with number 375.
Length: 39 pages
Date of creation: 1990
Date of revision:
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Postal: LONDON SCHOOL OF ECONOMICS AND POLITICAL SCIENCE, CENTER FOR LABOUR ECONOMICS, HOUGHTON STREET LONDON WC2A 2AE ENGLAND.
Phone: +44 (020) 7405 7686
Web page: http://www.lse.ac.uk/
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productivity ; wages ; labour market ; economic models;
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