THE RETURN OF THE WAGE PHILLIPS CURVE
研究表明，标准的新凯恩斯交错工资设定模型可推导出工资通胀与失业之间的简单动态关系，该关系与菲利普斯原始实证方程形式相似，为经验工资方程提供了理论基础，并能较好解释美国经济中工资通胀与失业率的联动。
The standard New Keynesian model with staggered wage setting is shown to imply a simple dynamic relation between wage inflation and unemployment. Under some assumptions, that relation takes a form similar to that found in empirical wage equations—starting from Phillips' (1958) original work—and may thus be viewed as providing some theoretical foundations to the latter. The structural wage equation derived here is shown to account reasonably well for the comovement of wage inflation and the unemployment rate in the US economy, even under the strong assumption of a constant natural rate of unemployment.