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Productivity growth and the Phillips curve : a reassessment of the US experience

Karanassou, Marika; Sala, Hector - 2009

In this paper we analyse a new Phillips curve (NPC) model and demonstrate that (i) frictional growth, i.e. the interplay of wage-staggering and money growth, generates a nonvertical NPC in the long-run, and (ii) the Phillips curve (PC) shifts with productivity growth. On this basis we estimate a...

Persistent link: https://www.econbiz.de/10003879334

The US inflation-unemployment tradeoff : methodological issues and further evidence

Karanassou, Marika; Sala, Hector - 2009

This paper addresses the various methodological issues surrounding vector autoregressions, simultaneous equations, and chain reactions, and provides new evidence on the long-run inflation-unemployment tradeoff in the US. It is argued that money growth is a superior indicator of the monetary...

Persistent link: https://www.econbiz.de/10003878210

Does downward nominal wage rigidity dampen wage increases?

Stüber, Heiko; Beissinger, Thomas - 2010

Regression and Seemingly Unrelated Regression to a data set comprising more than 169 million wage changes. We find evidence for a … compression ; unconditional quantile regression …

Persistent link: https://www.econbiz.de/10008810745

The unemployment inflation trade-off in the euro area

Linzert, Tobias (contributor) - 2005

This paper analyzes the relationship between unemployment and wage inflation for 10 of the euro area countries. The combination of low wage inflation and high unemployment in Europe is usually attributed to a rise in the natural rate of unemployment. Using a panel data approach, this paper...

Persistent link: https://www.econbiz.de/10003035532

Inequality and income dynamics in Germany

Drechsel-Grau, Moritz; Peichl, Andreas; Schmieder, Johannes - 2022

We provide a comprehensive analysis of income inequality and income dynamics for Germany over the last two decades. Combining personal income tax and social security data allows us - for the first time - to offer a complete picture of the distribution of annual earnings in Germany. We find that...

Persistent link: https://www.econbiz.de/10013168056

The asymmetric effect of wage floors : a natural experiment with a rising and falling minimum wage

Huet-Vaughn, Emiliano; Piqueras, Jon - 2023

Exploiting a unique natural experiment,we showthe asymmetric effects of a large increase and an equivalent subsequent decrease to a binding minimum wage. Wages in a leading low-wage industry increase as the minimumwage rises, but do not fall when it is lowered. This boost for low-wage workers'...

Persistent link: https://www.econbiz.de/10014445444

The recent evolution of the natural rate of unemployment

Daly, Mary C.; Hobijn, Bart; Valletta, Robert G. - 2011

The U.S. economy is recovering from the financial crisis and ensuing deep recession, but the unemployment rate has remained stubbornly high. Some have argued that the persistent elevation of unemployment relative to historical norms reflects the fact that the shocks that hit the economy were...

Persistent link: https://www.econbiz.de/10009310043

Long memory in Turkish unemployment rates

Gil-Alaña, Luis A.; Ozdemir, Zeynel Abidin; Tansel, Aysıt - 2017

In this paper we have examined the unemployment rate series in Turkey by using long memory models and in particular employing fractionally integrated techniques. Our results suggest that unemployment in Turkey is highly persistent, with orders of integration equal to or higher than 1 in most...

Persistent link: https://www.econbiz.de/10011735904

Studying the NAIRU and its implications

Bozani, Vasiliki; Drydakis, Nick - 2011

, phenomena, and history. Given the key role that the Non-Accelerating Inflation Rate of Unemployment (NAIRU) has in the …, identifying methodological strengths and the weaknesses in the body of the macroeconomic research about the concept of NAIRU. In … synthesizing quantitative literature. -- NAIRU ; macroeconomic policies …

Persistent link: https://www.econbiz.de/10009516873

The wage curve : an entry written for the new palgrave, 2nd edition

Blanchflower, David G. (contributor); … - 2006

This paper summarizes evidence for the existence of a wage curve a downward-sloping relationship between the level of 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...

Persistent link: https://www.econbiz.de/10003391949

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