Shadman-Mehta, Fatemeh - Institut de Recherche Économique et Sociale (IRES), … - 1996
This paper reexamines the existence of a long-run relationship between wages and unemployment in the U.K., with data over the period 1860-1913 used by A.W. Phillips to derive the well-known Phillips Curve. Using Johansen's maximum likelihood method of testing for cointegration, a long-run...