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We have started the present paper by documenting the changes in the wage Phillips curve, using simple reduced form regressions applied to aggregate data. In particular, we have provided evidence of a substantial decline in the estimated coe¢ cients on both lagged ination and unemployment in our wage Phillips curve. We have also provided estimates of conditional wage Phillips curves, based on a structural decomposition of wage, price and unemployment data generated by a VAR with time varying coe

Author

Naresh Sehdev

Language

EN