| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6924 |
| 来源ID | Working Paper 6924 |
| Wage Dynamics: Reconciling Theory and Evidence | |
| Olivier Jean Blanchard; Lawrence Katz | |
| 发表日期 | 1999-02-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | U.S. macroeconomic evidence shows a negative relation between the rate of change of wages and unemployment. In contrast, most theories of wage determination imply a negative relation between the level of wages and unemployment. In this paper, we ask whether one can reconcile the empirical evidence with theoretical wage relations. We reach three main conclusions. First, we derive the condition under which the two can indeed be reconciled. We show the constraints that such a condition imposes on the determinants of workers' reservation wages as well as the relative importance of workers' outside options as opposed to match specific productivity in wage determination. Second, in the light of this condition, we reinterpret the presence of an "error correction" term in macroeconomic wage relations for most European economies but not in the United States. Third, we show that whether this condition holds or not has important implications for the effects of a number of variables -- from real interest rates to oil prices to payroll taxes -- on the natural rate of unemployment. |
| 主题 | Macroeconomics ; Business Cycles ; Labor Economics ; Unemployment and Immigration |
| URL | https://www.nber.org/papers/w6924 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564439 |
| 推荐引用方式 GB/T 7714 | Olivier Jean Blanchard,Lawrence Katz. Wage Dynamics: Reconciling Theory and Evidence. 1999. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6924.pdf（397KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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