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