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greater flexibility in wages, these two countries also exhibit more stable employment behavior over the business cycle. In …
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greater flexibility in wages, these two countries also exhibit more stable employment behavior over the business cycle. In …
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The Phillips curve was init-ally formulated as a relationship between the rate of change and unemployment, yet what matters for stabilization policy is the rate of inflation, not the rate of wage change. This paper provides new estimates of Phillips curves for both prices and wages extending...
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