Reconciling wage curve and Phillips curve
- Montuenga-Gómez, V.M. 2
- Ramos-Parreño, J.M. 1
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1
Universidad Politécnica de Cartagena
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2
Universidad de La Rioja
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ISSN: 0950-0804
Datum der Publikation: 2005
Ausgabe: 19
Nummer: 5
Seiten: 735-765
Art: Artikel
Andere Publikationen in: Journal of Economic Surveys
Zusammenfassung
The wage curve is the negative relationship that links wage levels to the unemployment rate. It fits accurately with modern non-competitive labour-market models, but goes against a Phillips-curve modelling, because the latter ties wage growth to the unemployment rate. In this article, we present a comprehensive review of these non-competitive models, highlighting recent contributions that try to eliminate the possible 'gap' that exists between the concepts of the wage curve, on the one hand, and the Phillips curve, on the other. © 2005 Blackwell Publishing Ltd,.