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The Cost of Job Loss and the "New" Phillips Curve

  • Peter Hans Matthews


    (Economics Department, Middlebury College)

  • Ivan T. Kandilov

    (University of Michigan)

Economists have two standard explanations for the absence of substantial nominal wage pressures in the current macroeconomic climate. The first, and more traditional, view asserts that the NAIRU has drifted downward over the last decade, while the second posits the establishment of a "new paradigm." In this paper, we describe and evaluate a third, and perhaps simpler, explanation--that a stable Phillips-consistent relationship still exists for a different measure of labor market slack, the normalized cost of job loss.

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Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 28 (2002)
Issue (Month): 2 (Spring)
Pages: 181-202

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Handle: RePEc:eej:eeconj:v:28:y:2002:i:2:p:181-202
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  1. Samuel Bowles & Herbert Gintis, 1993. "The Revenge of Homo Economicus: Contested Exchange and the Revival of Political Economy," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 83-102, Winter.
  2. Blanchflower, David G, 1991. "Fear, Unemployment and Pay Flexibility," Economic Journal, Royal Economic Society, vol. 101(406), pages 483-96, May.
  3. Katharine G. Abraham & John S. Greenlees & Brent R. Moulton, 1998. "Working to Improve the Consumer Price Index," Journal of Economic Perspectives, American Economic Association, vol. 12(1), pages 27-36, Winter.
  4. Lawrence F. Katz & Olivier Blanchard, 1999. "Wage Dynamics: Reconciling Theory and Evidence," American Economic Review, American Economic Association, vol. 89(2), pages 69-74, May.
  5. George A. Akerlof & William R. Dickens & George L. Perry, 1996. "The Macroeconomics of Low Inflation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 1-76.
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