Sargan's wage equation: A theoretical and empirical reconstruction

Alistair Dawson

12 citations0/0 files storedApplied Economics

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Monetary Policy and Economic Impact Labor market dynamics and wage inequality Economic Theory and Policy

Abstract

Sargan's (1964) wage equation is respecified within the feedback control framework to which it belongs and confronted with quaterly British data. The amended version clearly out-performs the original and a version estimated over 1967(I)–1974(IV) yields acceptable predictions through 1975(I)–1977(IV).

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References

1958The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957 1 1971A General Disequilibrium Model of Income and Employment 1971Econometric Analysis for National Economic Planning 1954Stabilisation Policy in a Closed Economy 1980Econometric Implications of the Rational Expectations Hypothesis 1964Trade Unions and Wage Inflation in the United Kingdom 1893-1961 1976Models of Inflation in the United Kingdom: an Evaluation 1975The Phillips Curve: A Revisionist Interpretation

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