An Introduction to the Wage Curve
This paper documents a statistical regulatity or law. It shows that there exists a downward-sloping curve linking the level of a worker's pay to the unemployment rate in the worker's region. The same curve can be found in microeconomic data sets from sixteen countries. The existence of this curve raises doubts about conventional wisdom in labor economics, regional economics, and macroeconomics.
Volume (Year): 9 (1995)
Issue (Month): 3 (Summer)
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- Moulton, Brent R., 1986. "Random group effects and the precision of regression estimates," Journal of Econometrics, Elsevier, vol. 32(3), pages 385-397, August.
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- Michael Woodford, 1994. "Structural Slumps," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1784-1815, December.
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