全球智库信息集成服务系统(G2TT): Has the U.S. Wage Phillips Curve Flattened? A Semi-Structural Exploration

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来源类型	Working Paper
规范类型	报告
DOI	10.3386/w25476
来源ID	Working Paper 25476
	Has the U.S. Wage Phillips Curve Flattened? A Semi-Structural Exploration
	Jordi Galí; Luca Gambetti
发表日期	2019-01-21
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	Macroeconomics ; Consumption and Investment ; Business Cycles
URL	https://www.nber.org/papers/w25476
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/583150
推荐引用方式 GB/T 7714	Jordi Galí,Luca Gambetti. Has the U.S. Wage Phillips Curve Flattened? A Semi-Structural Exploration. 2019.

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
w25476.pdf（898KB）	智库出版物		限制开放	CC BY-NC-SA	浏览