Most economists maintain that the labor market in the United States (and elsewhere) is tight because unemployment rates … are low and the Beveridge Curve (the vacancies-to-unemployment ratio) is high. They infer from this that there is … stagnant for some time. We show that unemployment is not key to understanding wage formation in the USA and hasn t been since …

In this paper we examine the impact of rises in inactivity on wages in the US economy and find evidence of a … impact of the unemployment rate itself. This pattern holds across recent decades in the US data, and the relationship … strengthens in recent years when variation in participation increases. We also examine the impact of long-term unemployment on …

pay and the local unemployment rate in modern micro data. At the time of writing, the curve has been found in 40 nations …. Its elasticity is approximately -0.1. -- wage determination ; unemployment ; wage curve ; Philips curve …

pay and the local unemployment rate - in modern micro data. At the time of writing, the curve has been found in 40 nations …

not the case. Although unemployment is low, the labor market is not 'tight'. On the contrary, we show that what matters …