The concept of stable Phillips curves and their economic implications have been the subject of a series of disputes in recent years. Since Phillips introduced his simple disequilibrium model,empirical research in the field of wage determination has indicated a wide spectrum of explanatory...

As demonstrated in a recent paper, quarterly models of wage determination are highly sensitive, both with respect to parametric estimates and statistical inferences, to the specification of institutional features in the labour market. In the context of these sensitivities, this paper attempts to...

In his A.E.A. Presidential Address, Tobin points out that due to the continuing controversy over the concept of a stable Phillips curve, the institutional features of the labour market have been largely ignored. Hence, the purpose of this paper is twofold: (1) to present an analytical framework...

Economists are frequently compelled to use data which take inappropriate forms. One particular deficiency is discussed in the paper below; namely, the prior adjustment of economic time-series by moving average transformations. This discussion is restricted to regression analyses and data which...

The purpose of this paper is to suggest a simple model for the regression problem of a known switching date in structures which consumes several intervals of time to complete the shift. This model, then, permits a smooth transition from an old to a new structure, and is easily tested by...

Empirical studies of wage-determination, within the general framework of the Phillips curve and its variants, demonstrate remarkable consistency with respect to two particular specifications. They usually involve explanatory variables in the form of simple fourth-order moving averages and a...

In most academic circles, inquiring into the value and/or success of education has been considered akin to questioning motherhood. Economic research on the "value"of education has centred largely on two issues; the first one being human capital theory and the structure of earnings, and the...

In his recent discussion of wage-determination in the U.S. manufacturing industry and its durable and non-durable components, Arthur Donner attempts to explore the short-run interaction of labour turnover and inflationary expectations by incorporating this interaction into a "a two-equation...

The errors in the linear models which are used so widely by economists may be generated by mixed moving-average autoregressive processes. If errors on an aggregative equation are generated by a mixed moving-average autoregressive process and the weights of the moving-average component of this...