Deriving the wage-wage and price-price Phillips curves from a model with efficiency wages and imperfect information

This study derives reduced-form equations for the wage-wage Phillips curve and the price-price Phillips curve from firms' optimizing behavior, under the assumptions that firms pay efficiency wages and that workers' expectations of average wages or prices are partly adaptive.

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Year of publication:	2010
Authors:	Campbell III, Carl M.
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 107.2010, 2, p. 242-245
Publisher:	Elsevier
Subject:	Phillips curve Efficiency wages

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008551381