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THE DYNAMICS OF LABOUR'S INCOME SHARES AND THE WAGE CURVE–PHILLIPS CURVE CONTROVERSY
Author(s) -
Madsen Jakob B.
Publication year - 2009
Publication title -
scottish journal of political economy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.4
H-Index - 46
eISSN - 1467-9485
pISSN - 0036-9292
DOI - 10.1111/j.1467-9485.2009.00472.x
Subject(s) - economics , phillips curve , wage , dynamics (music) , econometrics , labour economics , macro , macroeconomics , unemployment , sociology , pedagogy , computer science , programming language
Based on a re‐parameterised Blanchflower–Oswald model this paper uses long macro‐data from the OECD countries to discriminate between the Philips curve and the wage curve and examines whether there are any differences in wage dynamics between Europe and the United States. The evidence gives support for the Phillips curve and shows that wage dynamics are no different between the United States and Europe.