Wage equations,wage curves and all that |
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| Institution: | 1. Department of Economics, University of Illinois, 1407 W. Gregory, Urbana, IL 61801, United States;2. Department of Economics, Lancaster University Management School, Lancaster University, Lancaster, LA1 4YX, United Kingdom;3. Department of Economics, Texas Tech University, PO Box 41014, Lubbock, TX 79409, United States;1. School of Mathematical Sciences, Chongqing Normal University, Chongqing 401331, P.R. China;2. School of Science, Information Technology and Engineering, Federation University Australia, Ballarat 3353, Victoria, Australia |
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| Abstract: | This paper is concerned with the relationship between wages and unemployment. Using UK regions and individuals as the basis for our analysis, the following questions are investigated. First, is the wage equation a relationship between unemployment and wages or wage changes? Second, can we identify the relationship completely by looking at regional wages and regional unemployment or do regional wages depend on aggregate unemployment as well? Third, can we identify an upward sloping cross-section relationship between wages and unemployment corresponding to a zero migration condition? Finally, are wages influenced only by the current state of the labour market or do contracts lead to wages depending on labour market conditions in the last boom or upon entry into the job? |
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