relation between their current wages and their past wages, adjusted for inflation. We call this the post-crisis Phillips Curve …

revisional property of the NAIRU is also examined, as well as the forecast capacity of the unemployment gap with regard to wages … perspective, because the vast majority of estimates in the literature use wages to provide an estimate of the unemployment gap …. Therefore, an indicator which does not use wages at all to estimate the unemployment gap performs the best in forecasting wage …