From Phillips curve to wage curve
In most traditional macro-economic models of the Netherlands the wage equation is specified by a Phillips curve, in which wage growth is negatively related to the unemployment rate. This paper shows, however, that wage formation can better be described by the so-called wage curve, in which the wage level instead of wage growth depends negatively on the unemployment rate.
|Date of creation:||1991|
|Date of revision:|
|Publication status:||Published in De Economist 4.140(1992): pp. 501-514|
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