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State-level wage Phillips curves

Author

Listed:
  • Kapetanios, George
  • Tasiou, Menelaos
  • Price, Simon
  • Ventouri, Alexia

Abstract

We examine reduced form versions of New Keynesian wage Phillips curves using monthly US state-level data for the period 1982-2016, taking account of the endogeneity of unemployment by instrumentation and the presence of common correlated effects (CCE). We find that theoretically coherent specifications taking account of the aggregate dynamics of unemployment may be estimated by the CCE estimator, whereas less efficient and potentially inconsistent methods differ and are problematic.

Suggested Citation

  • Kapetanios, George & Tasiou, Menelaos & Price, Simon & Ventouri, Alexia, 2018. "State-level wage Phillips curves," Essex Finance Centre Working Papers 23707, University of Essex, Essex Business School.
    • Handle: RePEc:esy:uefcwp:23707
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    Cited by:

    1. Rotundo, G. & Ausloos, M., 2007. "Microeconomic co-evolution model for financial technical analysis signals," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 373(C), pages 569-585.
    2. Zhu, H.B. & Zhou, Y.J. & Wu, W.J., 2020. "Modeling traffic flow mixed with automated vehicles considering drivers ’ character difference," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 549(C).
    3. El-Shagi, Makram & Tochkov, Kiril, 2024. "Regional heterogeneity and the provincial Phillips curve in China," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 1036-1044.
    4. Nie, Binjian & Zou, Boyang & She, Xiaohui & Zhang, Tongtong & Li, Yongliang & Ding, Yulong, 2020. "Development of a heat transfer coefficient based design method of a thermal energy storage device for transport air-conditioning applications," Energy, Elsevier, vol. 196(C).
    5. Schuffels, Johannes & Kool, Clemens & Lieb, Lenard & van Veen, Tom, 2024. "Is the slope of the euro area Phillips curve steeper than it seems? Heterogeneity and identification," Journal of International Money and Finance, Elsevier, vol. 148(C).
    6. Alderremy, A.A. & Saad, Khaled M. & Agarwal, Praveen & Aly, Shaban & Jain, Shilpi, 2020. "Certain new models of the multi space-fractional Gardner equation," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 545(C).
    7. Li, Zhiyu & Xu, Xiwei & Jiang, Enchen & Han, Ping & Sun, Yan & Zhou, Ling & Zhong, Peidong & Fan, Xudong, 2020. "Alkane from hydrodeoxygenation (HDO) combined with in-situ multistage condensation of biomass continuous pyrolysis bio-oil via mixed supports catalyst Ni/HZSM-5-γ-Al2O3," Renewable Energy, Elsevier, vol. 149(C), pages 535-548.
    8. Coma, Julià & Chàfer, Marta & Pérez, Gabriel & Cabeza, Luisa F., 2020. "How internal heat loads of buildings affect the effectiveness of vertical greenery systems? An experimental study," Renewable Energy, Elsevier, vol. 151(C), pages 919-930.
    9. Shi, Xin & Jiang, Haizhou & Li, Huan & Xu, Dong, 2020. "Maritime cluster research: Evolutionary classification and future development," Transportation Research Part A: Policy and Practice, Elsevier, vol. 133(C), pages 237-254.
    10. Yoo, Yeawon & Escobedo, Adolfo R. & Skolfield, J. Kyle, 2020. "A new correlation coefficient for comparing and aggregating non-strict and incomplete rankings," European Journal of Operational Research, Elsevier, vol. 285(3), pages 1025-1041.

    More about this item

    Keywords

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    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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