Open AccessAn Introduction to the Wage Curve
Author(s) -
David G. Blanchflower,
Andrew J. Oswald
Publication year - 1995
Publication title -
the journal of economic perspectives
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 9.614
H-Index - 196
eISSN - 1944-7965
pISSN - 0895-3309
DOI - 10.1257/jep.9.3.153
Subject(s) - economics , unemployment , phillips curve , wage , econometrics , labour economics , macroeconomics
This paper documents a statistical regulatity or law. It shows that there exists a downward-sloping curve linking the level of a worker's pay to the unemployment rate in the worker's region. The same curve can be found in microeconomic data sets from sixteen countries. The existence of this curve raises doubts about conventional wisdom in labor economics, regional economics, and macroeconomics.
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