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Market Power, NAIRU, and the Phillips Curve

التفاصيل البيبلوغرافية
العنوان: Market Power, NAIRU, and the Phillips Curve
المؤلفون: Derek Zweig
المصدر: Abstract and Applied Analysis, Vol 2020 (2020)
بيانات النشر: Wiley, 2020.
سنة النشر: 2020
المجموعة: LCC:Mathematics
مصطلحات موضوعية: Mathematics, QA1-939
الوصف: We explore the relationship between unemployment and inflation in the United States (1949-2019) through both Bayesian and spectral lenses. We employ Bayesian vector autoregression (“BVAR”) to expose empirical interrelationships between unemployment, inflation, and interest rates. Generally, we do find short-run behavior consistent with the Phillips curve, though it tends to break down over the longer term. Emphasis is also placed on Phelps’ and Friedman’s NAIRU theory using both a simplistic functional form and BVAR. We find weak evidence supporting the NAIRU theory from the simplistic model, but stronger evidence using BVAR. A wavelet analysis reveals that the short-run NAIRU theory and Phillips curve relationships may be time-dependent, while the long-run relationships are essentially vertical, suggesting instead that each relationship is primarily observed over the medium-term (2-10 years), though the economically significant medium-term region has narrowed in recent decades to roughly 4-7 years. We pay homage to Phillips’ original work, using his functional form to compare potential differences in labor bargaining power attributable to labor scarcity, partitioned by skill level (as defined by educational attainment). We find evidence that the wage Phillips curve is more stable for individuals with higher skill and that higher skilled labor may enjoy a lower natural rate of unemployment.
نوع الوثيقة: article
وصف الملف: electronic resource
اللغة: English
تدمد: 1085-3375
1687-0409
Relation: https://doaj.org/toc/1085-3375; https://doaj.org/toc/1687-0409
DOI: 10.1155/2020/7083981
URL الوصول: https://doaj.org/article/e5fce9f5925c4abfa8225f458e971f56
رقم الأكسشن: edsdoj.5fce9f5925c4abfa8225f458e971f56
قاعدة البيانات: Directory of Open Access Journals
الوصف
تدمد:10853375
16870409
DOI:10.1155/2020/7083981