Chen, Pu; Flaschel, Peter - In: Studies in Nonlinear Dynamics & Econometrics 10 (2007) 4, pp. 1255-1255
This paper demonstrates that demand pressure, besides hybrid cost-pressure, matters both on the labor market and on the market for goods in the determination of wage and price inflation. We discuss theoretically and estimate for the USA wage and price Phillips curves exhibiting their own demand...