Flaschel, Peter; Kauermann, Göran; Semmler, Willi - In: Metroeconomica 58 (2007) 4, pp. 550-581
This paper demonstrates how the labour and product markets interact in determining as outcome a generalized reduced-form price Phillips curve. For the labour market we consider a wage Phillips curve and for the product market a price Phillips curve. We estimate separately the wage and price...