A simple test of the theory of the short-run Phillips curve |
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Authors: | Edi Karni |
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Institution: | Tel-Aviv University, Tel-Aviv, Israel |
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Abstract: | The theory of the Phillips curve is reexamined taking into account the relationship between workers and firms. Emphasis is given to the firm's role in determining employment and hours over the business cycle. Empirical relations between real wages, employment and unemployment using distributed lag estimation are examined. |
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