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The Wage Curve and the Phillips Curve

Author

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  • John M. Roberts

Abstract

Blanchflower and Oswald (1994) have argued that, in regional data, the level of unemployment is related to the level of wages. This result is at variance with the implications of the original Phillips curve for regional data, which would predict that the change in wages ought to be related to the unemployment rate. On the other hand, there is considerable empirical support for the expectations-augmented Phillips curve using macroeconomic data. I resolve this tension by showing that a standard macroeconomic expectations-augmented Phillips curve can be derived from microfoundations that begin with the wage curve.

Suggested Citation

  • John M. Roberts, "undated". "The Wage Curve and the Phillips Curve," Finance and Economics Discussion Series 1997-57, Board of Governors of the Federal Reserve System (U.S.), revised 04 Dec 2019.
    • Handle: RePEc:fip:fedgfe:1997-57
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    File URL: http://www.federalreserve.gov/pubs/feds/1997/199757/199757pap.pdf
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    Citations

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    Cited by:

    1. Javier Gómez, "undated". "Wage Indexation, Inflation Inertia, and the Cost of Disinflation - New version," Borradores de Economia 198nv, Banco de la Republica de Colombia.
    2. Odile Chagny & Jörg Döpke, 2001. "Measures of the Output Gap in the Euro-Zone: An Empirical Assessment of Selected Methods," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 70(3), pages 310-332.
    3. David G. Blanchflower & Andrew J. Oswald, 2005. "The Wage Curve Reloaded," NBER Working Papers 11338, National Bureau of Economic Research, Inc.
    4. Javier G. Gómez-Pineda, 2003. "Wage Indexation, Inflation Inertia, and the Cost of Disinflation," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 21(43), pages 66-85, June.
    5. Jean Farès, 2002. "Does Micro Evidence Support the Wage Phillips Curve in Canada?," Staff Working Papers 02-4, Bank of Canada.

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