Estimating a Wage Curve for Britain: 1973-90
Following A. W. Phillips's (1958) original work on the United Kingdom, applied research on unemployment and wages has been dominated by the analysis of highly aggregated time-series data sets. However, it has proved difficult with such methods to uncover statistically reliable models. This paper adopts a different approach. It uses macroeconomic data on 175,000 British workers from 1973 to 1990 to provide evidence for the existence of a negatively sloped relationship linking the level of pay to the local rate of unemployment. The paper casts doubt on standard ideas in macroeconomics, regional economics, and labor economics. Copyright 1994 by Royal Economic Society.
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Volume (Year): 104 (1994)
Issue (Month): 426 (September)
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