Implications for Estimation of Conventional Specifications in Empirical Studies of Wage Determination

J.C.R. Rowley and D.A. Wilton
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J.C.R. Rowley: Queen's University
D.A. Wilton: Queen's University

No 37(B), Working Paper from Economics Department, Queen's University

Abstract: For more than a decade, economists and policy-makers have debated the existence and stability of the Philips Curve. Whilst theories (and their attendant explanatory variables) come and go, one of the more enduring aspects of this debate concerns two particular characteristics of the functional forms being tested. Before further discussion, a framework which is consistent with the two characteristics of the overlapping-annual-wage-change (OAWC) model must be established. A set of sufficient conditions for its derivation is provided in the paper.

Pages: 20 pages
Date: 1972-03
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