 Empirical Studies of the Wage EquationA. J. Hagger
Chapter 5 in Inflation: Theory and Policy, 1977, pp 92-114 from Palgrave Macmillan Abstract: Abstract In this chapter we turn from the price equation to the second of the two relationships which play a key role in contemporary models of the inflationary process — the wage equation. As in Chapter 4, our purpose will be to give an account of the more important of the empirical studies of this relationship which have been undertaken in recent years. The famous studies of Phillips and Lipsey1 form a convenient starting-point. Phillips described the purpose of his study in the following way: The purpose of the present study is to see whether statistical evidence supports the hypothesis that the rate of change of money wage rates in the United Kingdom can be explained by the level of unemployment and the rate of change of unemployment, except in or immediately after those years in which there was a very rapid rise in import prices, and if so to form some quantitative estimate of the relation between unemployment and the rate of change of money wage rates.2 Keywords: Unemployment Rate; Wage Increase; Wage Equation; Vacancy Rate; Prefer Equation (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-15735-8_5 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-15735-8_5 Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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