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A Phillips curve interpretation of error-correction models of the wage and price dynamics

Research output: Working paperResearch

Standard

A Phillips curve interpretation of error-correction models of the wage and price dynamics. / Harck, Søren H.

08-5. ed. Aarhus : Aarhus School of Business, Aarhus University, Department of Economics, 2008.

Research output: Working paperResearch

Harvard

Harck, SH 2008 'A Phillips curve interpretation of error-correction models of the wage and price dynamics' 08-5 edn, Aarhus School of Business, Aarhus University, Department of Economics, Aarhus.

APA

Harck, S. H. (2008). A Phillips curve interpretation of error-correction models of the wage and price dynamics. (08-5 ed.) Aarhus School of Business, Aarhus University, Department of Economics.

CBE

Harck SH. 2008. A Phillips curve interpretation of error-correction models of the wage and price dynamics. 08-5 ed. Aarhus: Aarhus School of Business, Aarhus University, Department of Economics.

MLA

Harck, Søren H. A Phillips curve interpretation of error-correction models of the wage and price dynamics. 08-5 udg. Aarhus: Aarhus School of Business, Aarhus University, Department of Economics. 2008., 26 p.

Vancouver

Harck SH. A Phillips curve interpretation of error-correction models of the wage and price dynamics. 08-5 ed. Aarhus: Aarhus School of Business, Aarhus University, Department of Economics. 2008.

Author

Harck, Søren H. / A Phillips curve interpretation of error-correction models of the wage and price dynamics. 08-5. ed. Aarhus : Aarhus School of Business, Aarhus University, Department of Economics, 2008.

Bibtex

@techreport{7837d280468211ddbefc000ea68e967b,
title = "A Phillips curve interpretation of error-correction models of the wage and price dynamics",
abstract = " This paper presents a model of employment, distribution and inflation in which a modern error correction specification of the nominal wage and price dynamics (referring to claims on income by workers and firms) occupies a prominent role. It is brought out, explicitly, how this rather typical error-correction setting, which actually seems to capture the wage and price dynamics of many large- scale econometric models quite well, is fully compatible with the notion of an old-fashioned Phillips curve with finite slope. It is shown how the steady-state impact of various shocks to the model can be profitably conceived of and interpreted in terms of (and to some extent even calculated by means of) this long-run Phillips curve.   ",
keywords = "Employment, Wage share, Inflation, Phillips curve, Error correction",
author = "Harck, {S{\o}ren H.}",
year = "2008",
language = "English",
isbn = "9788778822918",
publisher = "Aarhus School of Business, Aarhus University, Department of Economics",
address = "Denmark",
edition = "08-5",
type = "WorkingPaper",
institution = "Aarhus School of Business, Aarhus University, Department of Economics",

}

RIS

TY - UNPB

T1 - A Phillips curve interpretation of error-correction models of the wage and price dynamics

AU - Harck, Søren H.

PY - 2008

Y1 - 2008

N2 -  This paper presents a model of employment, distribution and inflation in which a modern error correction specification of the nominal wage and price dynamics (referring to claims on income by workers and firms) occupies a prominent role. It is brought out, explicitly, how this rather typical error-correction setting, which actually seems to capture the wage and price dynamics of many large- scale econometric models quite well, is fully compatible with the notion of an old-fashioned Phillips curve with finite slope. It is shown how the steady-state impact of various shocks to the model can be profitably conceived of and interpreted in terms of (and to some extent even calculated by means of) this long-run Phillips curve.   

AB -  This paper presents a model of employment, distribution and inflation in which a modern error correction specification of the nominal wage and price dynamics (referring to claims on income by workers and firms) occupies a prominent role. It is brought out, explicitly, how this rather typical error-correction setting, which actually seems to capture the wage and price dynamics of many large- scale econometric models quite well, is fully compatible with the notion of an old-fashioned Phillips curve with finite slope. It is shown how the steady-state impact of various shocks to the model can be profitably conceived of and interpreted in terms of (and to some extent even calculated by means of) this long-run Phillips curve.   

KW - Employment

KW - Wage share

KW - Inflation

KW - Phillips curve

KW - Error correction

M3 - Working paper

SN - 9788778822918

BT - A Phillips curve interpretation of error-correction models of the wage and price dynamics

PB - Aarhus School of Business, Aarhus University, Department of Economics

CY - Aarhus

ER -