Prices, wages, and employment in the US economy: a traditional model and tests of some alternatives
In this paper, we outline the cost minimizing behavior of oligopoly firms and the price adjustment process in the labor market which underlie the traditional formulation of aggregate wage-price behavior in the U.S., and show that resulting equations applied to U.S. data remain stable before and afte...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, MA
1993
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
4568 |
| Schlagworte: | |
| Zusammenfassung: | In this paper, we outline the cost minimizing behavior of oligopoly firms and the price adjustment process in the labor market which underlie the traditional formulation of aggregate wage-price behavior in the U.S., and show that resulting equations applied to U.S. data remain stable before and after the significant change in the monetary policy rule that had taken place in 1979. This result contradicts the prediction of the Lucas critique applied to this context that, in response to a major change of the monetary policy rule, the Phillips curve and the price setting equation of firms would have undergone significant changes. We test several competing hypotheses for the price level determination, including the possibility that more direct effect of the money supply should be relevant, and show that our formulation dominates alternatives in non- nested tests. Finally, we present evidence that the nature of capital is putty-clay rather than fully malleable, together with a demand function for labor based on this recognition. In the process of these inquiries, we contrast our formulation with that proposed by Layard and Nickell in England. |
| Beschreibung: | Getr. Zählung graph. Darst. |
Internformat
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 4568 | |
| 520 | |a In this paper, we outline the cost minimizing behavior of oligopoly firms and the price adjustment process in the labor market which underlie the traditional formulation of aggregate wage-price behavior in the U.S., and show that resulting equations applied to U.S. data remain stable before and after the significant change in the monetary policy rule that had taken place in 1979. This result contradicts the prediction of the Lucas critique applied to this context that, in response to a major change of the monetary policy rule, the Phillips curve and the price setting equation of firms would have undergone significant changes. We test several competing hypotheses for the price level determination, including the possibility that more direct effect of the money supply should be relevant, and show that our formulation dominates alternatives in non- nested tests. Finally, we present evidence that the nature of capital is putty-clay rather than fully malleable, together with a demand function for labor based on this recognition. In the process of these inquiries, we contrast our formulation with that proposed by Layard and Nickell in England. | ||
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| 650 | 4 | |a Ökonometrisches Modell | |
| 650 | 4 | |a Economic development |x Econometric models | |
| 650 | 4 | |a Prices |z United States | |
| 650 | 4 | |a Wages |z United States |x Econometric models | |
| 651 | 4 | |a USA | |
| 700 | 1 | |a Brayton, Flint |e Verfasser |4 aut | |
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| geographic | USA |
| geographic_facet | USA |
| id | DE-604.BV009531984 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:36:37Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006294107 |
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| physical | Getr. Zählung graph. Darst. |
| publishDate | 1993 |
| publishDateSearch | 1993 |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Ando, Albert Verfasser aut Prices, wages, and employment in the US economy a traditional model and tests of some alternatives Albert Ando ; Flint Brayton Cambridge, MA 1993 Getr. Zählung graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 4568 In this paper, we outline the cost minimizing behavior of oligopoly firms and the price adjustment process in the labor market which underlie the traditional formulation of aggregate wage-price behavior in the U.S., and show that resulting equations applied to U.S. data remain stable before and after the significant change in the monetary policy rule that had taken place in 1979. This result contradicts the prediction of the Lucas critique applied to this context that, in response to a major change of the monetary policy rule, the Phillips curve and the price setting equation of firms would have undergone significant changes. We test several competing hypotheses for the price level determination, including the possibility that more direct effect of the money supply should be relevant, and show that our formulation dominates alternatives in non- nested tests. Finally, we present evidence that the nature of capital is putty-clay rather than fully malleable, together with a demand function for labor based on this recognition. In the process of these inquiries, we contrast our formulation with that proposed by Layard and Nickell in England. Wirtschaftsentwicklung Ökonometrisches Modell Economic development Econometric models Prices United States Wages United States Econometric models USA Brayton, Flint Verfasser aut National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 4568 (DE-604)BV002801238 4568 |
| spellingShingle | Ando, Albert Brayton, Flint Prices, wages, and employment in the US economy a traditional model and tests of some alternatives National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Wirtschaftsentwicklung Ökonometrisches Modell Economic development Econometric models Prices United States Wages United States Econometric models |
| title | Prices, wages, and employment in the US economy a traditional model and tests of some alternatives |
| title_auth | Prices, wages, and employment in the US economy a traditional model and tests of some alternatives |
| title_exact_search | Prices, wages, and employment in the US economy a traditional model and tests of some alternatives |
| title_full | Prices, wages, and employment in the US economy a traditional model and tests of some alternatives Albert Ando ; Flint Brayton |
| title_fullStr | Prices, wages, and employment in the US economy a traditional model and tests of some alternatives Albert Ando ; Flint Brayton |
| title_full_unstemmed | Prices, wages, and employment in the US economy a traditional model and tests of some alternatives Albert Ando ; Flint Brayton |
| title_short | Prices, wages, and employment in the US economy |
| title_sort | prices wages and employment in the us economy a traditional model and tests of some alternatives |
| title_sub | a traditional model and tests of some alternatives |
| topic | Wirtschaftsentwicklung Ökonometrisches Modell Economic development Econometric models Prices United States Wages United States Econometric models |
| topic_facet | Wirtschaftsentwicklung Ökonometrisches Modell Economic development Econometric models Prices United States Wages United States Econometric models USA |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT andoalbert priceswagesandemploymentintheuseconomyatraditionalmodelandtestsofsomealternatives AT braytonflint priceswagesandemploymentintheuseconomyatraditionalmodelandtestsofsomealternatives |