The US Wage Phillips Curve across Frequencies and over Time

Oxford Bulletin of Economics and Statistics

Volumn 73, Issue 4, 2011, Pages 489-508

  Gallegati, Marco ^a   Gallegati, Mauro ^a   Ramsey, James Bernard ^b   Semmler, Willi ^c,d  

^a UNIVERSITÀ POLITECNICA DELLE MARCHE   (Italy)

^b NEW YORK UNIVERSITY   (United States)

^c NEW SCHOOL FOR SOCIAL RESEARCH   (United States)

^d BIELEFELD UNIVERSITY   (Germany)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 79959439499     PISSN: 03059049     EISSN: 14680084     Source Type: Journal    
DOI: 10.1111/j.1468-0084.2010.00624.x     Document Type: Article

References (49)

1. Akerlof, G., Dickens, W. T. and Perry, G. L. (1996). 'The macroeconomics of low inflation', Brookings Papers on Economic Activity, Vol. 27, pp. 1-76.
2. Akerlof, G., Dickens, W. T. and Perry, G. L. (2001). 'Near-rational wage and price setting and the long-run Phillips curve', Brookings Papers on Economic Activity, Vol. 31, pp. 1-60.
3. Ball, L. and Mankiw, N. G. (2002). The NAIRU in Theory and Practice, National Bureau of Economic Research Working Paper 8940.
4. Ball, L. and Moffit, R. (2002). 'Productivity growth and the Phillips curve', in Krueger A. B. and Solow R. M. (eds), The Roaring Nineties: Can Full Employment be Sustained?, Russell Sage Foundation Century, Foundation Press, New York, pp. 61-90.
5. Blanchard, O. J. and Katz, L. (1997). 'What we do and do not know about natural rate of unemployment', Journal of Economic Perspectives, Vol. 11, pp. 51-72.
6. Blanchard, O. J. and Katz, L. (1999). Wage Dynamics: Reconciling Theory and Evidence, National Bureau of Economic Research Working Paper 6924.
7. Brainard, W. C. and Perry, G. L. (2001). 'Making policy in a changing world', in Perry G. L. and Tobin J. (eds), Economic Events, Ideas and Policies: The 1960s and After, Brookings Institution Press, Washington DC, pp. 43-69.
8. Brayton, F., Roberts, J. M. and Williams, J. C. (1999). What's Happened to the Phillips CurveFinance and Economics Discussion Papers 1999:49, Federal Reserve Board.
9. Bruce, A. and Gao, H. Y. (1996). Applied Wavelet Analysis with S-Plus, Springer, New York.
10. Chan-Lee, J. H., Coe, D. T. and Prywes, M. (1987). 'Microeconomic changes and macroeconomic wage disinflation in the 1980s', OECD Economic Studies, Vol. 8, pp. 121-158.
11. Coifman, R. R. and Donoho, D. (1995). 'Time-invariant wavelet de-noising', in Antoniadis A. and Oppenheim G. (eds), Wavelets and Statistics. Springer-Verlag, New York, pp. 125-150.
12. Crivellini, M., Gallegati, M., Gallegati, M. and Palestrini, A. (2006). 'Output fluctuations in G7 countries: a time-scale decomposition analysis', in Mazzi G. L. and Savio G. (eds), Growth and Cycle in the Euro-zone, Palgrave McMillan, Hampshire, pp. 45-59.
13. Crowley, P. M. and Lee, J. (2005). Decomposing the Co-movement of the Business Cycle: A time-Frequency Analysis of Growth Cycles in the Euro Area, Bank of Finland Research Discussion Paper, 12/2005.
14. Daubechies, I. (1992). Ten Lectures on Wavelets, CBSM-NSF Regional Conference Series in Applied Mathematics. SIAM, Philadelphia.
15. Desai, M. (1975). 'The Phillips curve: a revisionist interpretation', Econometrica, Vol. 42, pp. 1-19.
16. Flaschel, P. and Krolzig, H. M. (2006). Wage-price Phillips curves and macroeconomic stability: basic structural form, estimation and analysis', in Chiarella C., Franke R., Flaschel R. and Semmler W. (eds), Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels. Elsevier, Amsterdam, pp. 7-47.
17. Flaschel, P., Kauermann, G. and Semmler, W. (2007). 'Testing wage and price Phillips curves for the United States', Metroeconomica, Vol. 58, pp. 550-581.
18. Gallegati, M., Gallegati, M., Ramsey, J. B. and Semmler, W. (2006). 'The decomposition of the inflation-unemployment relationship by time-scale using wavelets, in Chiarella C., Franke R., Flaschel R. and Semmler W. (eds), Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels. Amsterdam: Elsevier, pp. 93-111.
19. Gencay, R., Selcuk, F. and Whitcher, B. (2002). An Introduction to Wavelets and Other Filtering Methods in Finance and Economics. San Diego Academic Press, San Diego.
20. Gilbert, C. L. (1976). 'The original Phillips curve estimates', Economica, Vol. 43, pp. 51-57.
21. Holden, S. (2005). 'Wage formation under low inflation', in Piekkola H. and Snellman K. (eds), Collective Bargaining and Wage Formation. Phisica-Verlag, New York, pp. 39-58.
22. Iacobucci, A. (2003). Spectral Analysis for Economic Time Series, Documents de Travail de l'OFCE, Working Paper No. 2003-07.
23. Juselius, K. (2003). Wage, Price, and Unemployment Dynamics and the Convergence to Purchasing Power Parity in the Euro Area, Discussion Papers No 03-01, Institute of Economics, University of Copenhagen, Copenhagen.
24. Kim, S. and Haueck In, F. (2003). 'The relationship between financial variables and real economic activity: evidence from spectral and wavelet analyses', Studies in Nonlinear Dynamics and Econometrics, Vol. 7, pp. 1435-1455.
25. King, R. and Watson, M. (1994). 'The post-war U.S. Phillips curve: a revisionist econometric history', Carnegie-Rochester Conference Series on Public Policy, Vol. 41, pp. 157-219.
26. Lipsey, R. G. (1960). 'The relation between unemployment and the rate of change of money wage rates in the United Kingdom 1862-1957: a further analysis', Economica, Vol. 27, pp. 456-487.
27. Lumley, A. and Heagerty, P. (1999). 'Weighted empirical adaptive variance estimators for correlated data regression', Journal of the Royal Statistical Society B, Vol. 61, pp. 459-477.
28. Mallat, S. (1989). 'A theory for multiresolution signal decomposition: the wavelet representation', IEEE Transactions on Pattern Analysis and Machine Intelligence Vol. 11, pp. 674-693.
29. Marcellino, M. and Mizon, G. (2001). 'Small system modelling of wages, inflation, unemployment and output per capita in Italy 1970-1994', Journal of Applied Econometrics, Vol. 11, pp. 359-370.
30. Mortensen, D. T. and Pissarides, C. (1994). 'Job creation and job destruction in the theory of unemployment', Review of Economic Studies, Vol. 61, pp. 397-416.
31. Nason, G. P. and Silverman, B. W. (1995). 'The stationary wavelet transform and some statistical applications', in Antoniadis A. and Oppenheim G. (eds), Wavelets and Statistics, Springer-Verlag, New York, pp. 281-300.
32. Percival, D. B. and Walden, A. T. (2000). Wavelet Methods for Time Series Analysis. Cambridge University Press, Cambridge.
33. Phillips, A. W. (1958). 'The relation betweeen unemployment and the rate of change of money wage rates in the United Kingdom 1861-1957', Economica, Vol. 27, pp. 283-299.
34. Quandt, R. E. (1960). Tests of the hypothesis that a linear regression system obeys two separate', Journal of the American Statistical Association, Vol. 55, pp. 324-330.
35. R Development Core Team (2008). R: A Language and Environment for Statistical Computing, R Foundation for Statistical Computing, Vienna, Austria.
36. Raihan, S., Wen, Y. and Zeng, B. (2005). Wavelet: A New Tool for Business Cycle Analysis, The Federal Reserve Bank of St Louis, Working Paper 2005-050A.
37. Ramsey, J. B. and Lampart, C. (1998a). 'The decomposition of economic relationship by time scale using wavelets: money and income', Macroeconomic Dynamics, Vol. 2, pp. 49-71.
38. Ramsey, J. B. and Lampart, C. (1998b). 'The decomposition of economic relationship by time scale using wavelets: money and income: expenditure and income', Studies in Nonlinear Dynamics and Econometrics, Vol. 3, pp. 23-42.
39. Schleicher, C. (2002). An Introduction to Wavelets for Economists, Bank of Canada Working Paper, No. 2002-3.
40. Shapiro, C. and Stiglitz, J. (1984). 'Equilibrium unemployment as a worker discipline device', American Economic Review, Vol. 74, pp. 433-444.
41. Solow, R. M. (2000). 'Towards a macroeconomics of the medium run', Journal of Economic Perspectives, Vol. 14, pp. 151-158.
42. Staiger, D., Stock, J. H. and Watson, M. W. (1997a). 'The NAIRU, unemployment, and monetary policy', Journal of Economic Perspectives, Vol. 11, pp. 33-49.
43. Staiger, D., Stock, J. H. and Watson, M. W. (1997b). 'How precise are estimates of the natural rate of unemployment?' in Romer C. D. and Romer D. H. (eds), Reducing Inflation: Motivation and Strategy. University of Chicago Press, Chicago, IL, pp. 195-246.
44. Staiger, D., Stock, J. H. and Watson, M. W. (2002). 'Prices, wages and the U. S. NAIRU in the 1990As', in Krueger A. B. and Solow R. M. (eds), The Roaring Nineties: Can Full Employment be Sustained? Russell Sage Foundation, Century Foundation Press, New York, pp. 3-60.
45. Stock, J. and Watson, M. (1999). 'Business cycle fluctuations in U.S. macroeconomic time series', in Taylor J. B. and Woodford M. (eds), Handbook of Macroeconomics, Elsevier B.V., Amsterdam, pp. 3-64.
46. Stock, J. and Watson, M. (2002). 'Has the business cycle changed and why? NBER Macroeconomics Annual, Vol. 17, pp. 159-230.
47. Strang, G. and Nguyen, T. (1996). Wavelet and Filter Banks, Wellesley-Cambridge Press, Cambridge.
48. Yogo, M. (2008). 'Measuring business cycles: a wavelet analysis of economic time series', Economics Letters, Vol. 100, pp. 208-212.
49. Zhu, F. (2005). The Fragility of the Phillips Curve: A Bumpy Ride in the Frequency Domain, BIS Working Papers No. 183.