Munich Personal RePEc Archive

Nominal Wages, the Nairu and Wage Flexibility

Coe, David T (1985): Nominal Wages, the Nairu and Wage Flexibility. Published in: OECD Economic Studies No. No. 5 (1985): pp. 87-126.

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This paper analyses the historical determinants of nominal wages in eleven OECD economies, calculates unemployment rates consistent with stable inflation and derives specific measures of wage flexibility. A number of issues are addressed, including the linearity or non-linearity of the short-run Phillips curve, and the possible temporal dependence of the natural rate of unemployment on the actual rate, i.e., hysteresis in the natural rate.

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