Comment on "The long-run determinants of UK wages, 1860-2004"
This comment discusses the presence of Phillips-curve effects for the UK, 1860-2004. A reconsideration of the empirical evidence in Castle and Hendry (2009) seems to suggest different functional relationships between wage inflation and unemployment for different periods. We conclude that the role of unemployment may have changed over time - but it has certainly not disappeared.
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- Giuseppe Cavaliere, 2003.
"Limited time series with a unit root,"
Quaderni di Dipartimento
1, Department of Statistics, University of Bologna.
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