State-level wage Phillips curves

George Kapetanios, Menelaos Tasiou, Simon Price and Alexia Ventouri

Essex Finance Centre Working Papers from University of Essex, Essex Business School

Abstract: We examine reduced form versions of New Keynesian wage Phillips curves using monthly US state-level data for the period 1982-2016, taking account of the endogeneity of unemployment by instrumentation and the presence of common correlated effects (CCE). We find that theoretically coherent specifications taking account of the aggregate dynamics of unemployment may be estimated by the CCE estimator, whereas less efficient and potentially inconsistent methods differ and are problematic.

Keywords: Wage Phillips curves; state-level data; panel estimation; CCE; endogeneity (search for similar items in EconPapers)
Date: 2018-12-19
New Economics Papers: this item is included in nep-mac
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Related works:
Journal Article: State-level wage Phillips curves (2021)
Working Paper: State-level wage Phillips curves (2020)
Working Paper: State-level wage Phillips curves (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:esy:uefcwp:23707

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