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From Phillips curve to wage curve

Graafland, J.J. (1991): From Phillips curve to wage curve. Published in: De Economist , Vol. 140, No. 4 (1992): pp. 501-514.

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Abstract

In most traditional macro-economic models of the Netherlands the wage equation is specified by a Phillips curve, in which wage growth is negatively related to the unemployment rate. This paper shows, however, that wage formation can better be described by the so-called wage curve, in which the wage level instead of wage growth depends negatively on the unemployment rate.

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