Article2011

The US Wage Phillips Curve across Frequencies and over Time*

Marco Gallegati · Mauro Gallegati · James B. Ramsey · Willi Semmler

134 citations0/0 files storedOxford Bulletin of Economics and Statistics

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Monetary Policy and Economic Impact Market Dynamics and Volatility Unemployment and Economic Growth

Abstract

Although widely used in many areas of applied sciences, wavelet analysis has not fully entered the economic discipline yet. In this article we apply wavelet analysis to one of the most investigated relationships is in empirical macroeconomics: the relationship between wage inflation and unemployment. Using US postwar data we find a frequency-dependent relationship of a sort that is consistent with Phillips’ original insights. It also turns out that this relationship is remarkably stable over the 1948–93 period, but not in the aftermath, as a consequence of a process of adaption of the wage formation process to a low inflation environment.

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References

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