Wage Bargaining and the Phillips Curve: The Identification and Specification of Aggregate Wage Equations
探讨总工资方程估计中的识别问题,认为在常见的工资谈判模型下,参数识别并非不可避免,且最合适的总工资方程形式应为菲利普斯曲线。
Most economists believe that wage-setting is very important for understanding macroeconomic behavior, but the form of wage equations commonly estimated suffer from problems of identification. The aim of this paper is to consider whether these problems are inevitable and, if they are not, to suggest ways in whi ch one can estimate structural models of wage-setting. It is argued that if one confines attention to models of wage bargaining t hat are commonly used, identification of the parameters of wage-setting should not be a problem and that the most appropriate form of an aggregate wage equation should be a Phillips Curve. Copyright 1993 by Royal Economic Society.