A Time-Series Analysis of the Real Wages-Employment Relationship

Salih N. Neftçi

151 citations0/0 files storedJournal of Political Economy

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Labor market dynamics and wage inequality Monetary Policy and Economic Impact Unemployment and Economic Growth

Abstract

In this paper, the theory of covariance-stationary stochastic processes is used in order to investigate the sign and the significance of the relationship between employment and real wages. It is shown that when appropriate distributed lags are estimated the data suggest that employment and real wages are negatively correlated. The response appears to be non-contemporaneous and statistically significant.

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References

1936The General Theory of Employment, Interest and Money.1936The General Theory of Employment, Interest and Money, by John Maynard Keynes 1972MONEY, INCOME, AND CAUSALITY 1975Implicit Contracts and Underemployment Equilibria 1971A General Disequilibrium Model of Income and Employment 1974Wages and Employment under Uncertain Demand 1995The Monetarist Controversy, or, Should we Forsake Stabilization Policies?1970Capacity, Overtime, and Empirical Production Functions

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