Real Wages, Business Cycles, and the Speed of Adjustment: A Reply
检验了Otani关于实际工资与产出关系的跨国差异假说，通过比较不同国家的均值与相关性，发现证据不支持该假说。
part of the analysis undertaken in Smyth (1980). A comparison of the mean values of X for the countries with the positive /3s, those with /3s that are negative and significant at the 5% level, and all those with negative /3s fails to support Otani's hypothesis. The mean values of X for the countries with positive /3s are greater than for the corresponding means for the negative /8 countries in three of the four comparisons, and trivially less (0.28 compared to 0.29) for Xs when the significantly negative /8 countries are used in the comparison. Table 1 also reports the coefficients obtained when /8 and XB and /8 and XS are correlated. The Otani hypothesis predicts negative correlation. However, the product moment and rank correlation coefficients are all positive; none are significant at the 5% level. The evidence, then, does not support Otani's explanation of the inter-country differences in his estimates of the relationship between real wages and output in the manufacturing sectors of industrialized countries. REFERENCES