| 来源类型 | Discussion paper
|
| 规范类型 | 论文
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| 来源ID | DP13452
|
| DP13452 Has the U.S. Wage Phillips Curve Flattened? A Semi-Structural Exploration |
| Jordi Gali; Luca Gambetti
|
| 发表日期 | 2019-01-15
|
| 出版年 | 2019
|
| 语种 | 英语
|
| 摘要 | Unconditional reduced form estimates of a conventional wage Phillips curve for the U.S. economy point to a decline in its slope coefficient in recent years, as well as a shrinking role of lagged price inflation in the determination of wage inflation. We provide estimates of a conditional wage Phillips curve, based on a structural decomposition of wage, price and unemployment data generated by a VAR with time varying coefficients, identified by a combination of long-run and sign restrictions. Our estimates show that the key qualitative findings from the unconditional reduced form regressions also emerge in the conditional evidence, suggesting that they are not entirely driven by endogeneity problems or possible changes over time in the importance of of wage markup shocks. The conditional evidence, however, suggests that actual changes in the slope of the wage Phillips curve may not have been as large as implied by the unconditional estimates. |
| 主题 | Monetary Economics and Fluctuations
|
| URL | https://cepr.org/publications/dp13452
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542267
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推荐引用方式
GB/T 7714 |
Jordi Gali,Luca Gambetti. DP13452 Has the U.S. Wage Phillips Curve Flattened? A Semi-Structural Exploration. 2019.
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