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The Phillips curve as a more general model than the Wage Setting curve

This article studies the theoretical foundations of the two main structural wage equations proposed in the literature, namely the Phillips curve and the WS curve. It reinstates to a certain extent the wage Phillips curve by showing that the Phillips curve is preferable to the WS curve from a theoretical point of view. This contradicts the results of previous researches that conclude to the lack of theoretical foundation of the Phillips curve. Moreover, this article shows that the WS curve can be interpreted as a particular case of the Phillips curve: the case of full hysteresis.

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File URL: http://www.ofce.sciences-po.fr/pdf/dtravail/WP2010-28.pdf
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Paper provided by Observatoire Francais des Conjonctures Economiques (OFCE) in its series Documents de Travail de l'OFCE with number 2010-28.

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Date of creation: Oct 2010
Handle: RePEc:fce:doctra:1028
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  1. Martin J. Osborne & Ariel Rubinstein, 2005. "Bargaining and Markets," Levine's Bibliography 666156000000000515, UCLA Department of Economics.
  2. Yannick L'Horty & Florence Thibault, 1997. "Le Nairu en France : les insuffisances d'une courbe de Phillips," Économie et Prévision, Programme National Persée, vol. 127(1), pages 83-99.
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