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From Phillips curve to wage curve

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  • Graafland, J.J.

Abstract

In most traditional macro-economic models of the Netherlands the wage equation is specified by a Phillips curve, in which wage growth is negatively related to the unemployment rate. This paper shows, however, that wage formation can better be described by the so-called wage curve, in which the wage level instead of wage growth depends negatively on the unemployment rate.

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File URL: http://mpra.ub.uni-muenchen.de/21077/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 21077.

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Date of creation: 1991
Date of revision:
Publication status: Published in De Economist 4.140(1992): pp. 501-514
Handle: RePEc:pra:mprapa:21077

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Related research

Keywords: Phillips curve; wage curve; wage equation; wage bargaining; tax wedge; unemployment;

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References

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  1. Blanchflower, D. & Oswald, A., 1989. "The Wage Curve," Papers 340, London School of Economics - Centre for Labour Economics.
  2. Louis N. Christofides & Andrew J. Oswald, 1989. "Real Wage Determinatioan in Collective BArgaining Agreements," NBER Working Papers 3188, National Bureau of Economic Research, Inc.
  3. Dimsdale, N H & Nickell, Stephen J & Horsewood, N, 1989. "Real Wages and Unemployment in Britain during the 1930s," Economic Journal, Royal Economic Society, vol. 99(396), pages 271-92, June.
  4. Russell Davidson & James G. MacKinnon, 1980. "Several Tests for Model Specification in the Presence of Alternative Hypotheses," Working Papers 378, Queen's University, Department of Economics.
  5. L Christofides & A Oswald, 1991. "Real Wage Determination and Rent-Sharing in Collective Bargaining Agreements," CEP Discussion Papers dp0042, Centre for Economic Performance, LSE.
  6. Oswald, Andrew J, 1982. "The Microeconomic Theory of the Trade Union," Economic Journal, Royal Economic Society, vol. 92(367), pages 576-95, September.
  7. Hoel, Michael & Nymoen, Ragnar, 1988. "Wage formation in norwegian manufacturing: An empirical application of a theoretical bargaining model," European Economic Review, Elsevier, vol. 32(4), pages 977-997, April.
  8. Carruth, Alan A & Oswald, Andrew J, 1987. "On Union Preferences and Labour Market Models: Insiders and Outsi ders," Economic Journal, Royal Economic Society, vol. 97(386), pages 431-45, June.
  9. Knoester, Anthonie & van der Windt, Nico, 1987. "Real Wages and Taxation in Ten OECD Countries," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 49(1), pages 151-69, February.
  10. Graafland, J J, 1992. "Insiders and Outsiders in Wage Formation: The Dutch Case," Empirical Economics, Springer, vol. 17(4), pages 583-602.
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Citations

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Cited by:
  1. Lourens Broersma & Frank A. G . Den Butter, 2001. "Labour Flows as Determinants of the Wage-Price Spiral: An Empirical Analysis for The Netherlands," LABOUR, CEIS, vol. 15(2), pages 279-294, 06.
  2. Albert van der Horst & Jan Jacobs & Lambert Schoonbeek,, 1996. "Is there a NAIRU for the Netherlands?," Working Papers 28, Centre for Economic Research, University of Groningen and University of Twente.
  3. Butter, F.A.G. den & Wollmer, F.J., 1992. "An empirical model for endogenous technology in the Netherlands," Serie Research Memoranda 0037, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  4. Wimanda, Rizki E. & Turner, Paul M. & Hall, Maximilian J.B., 2011. "Expectations and the inertia of inflation: The case of Indonesia," Journal of Policy Modeling, Elsevier, vol. 33(3), pages 426-438, May.
  5. Broersma, Lourens & Butter, Frank A.G. den & Kock, Udo, 2003. "A Cointegration Model for Search Equilibrium Wage Formation," Serie Research Memoranda 0021, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  6. David G. Blanchflower & Andrew J. Oswald, 2005. "The Wage Curve Reloaded," NBER Working Papers 11338, National Bureau of Economic Research, Inc.
  7. Broersma, Lourens & Butter, Frank A.G. den, 1999. "An explorative empirical analysis of the influence of labour flows on wage formation using the Johansen approach," Serie Research Memoranda 0059, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.

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