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State-level wage Phillips curves

Kapetanios, George and Tasiou, Menelaos and Price, Simon and Ventouri, Alexia (2018) State-level wage Phillips curves. Working Paper. Essex Finance Centre Working Papers, Colchester. (Unpublished)

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Abstract

We examine reduced form versions of New Keynesian wage Phillips curves using monthly US state-level data for the period 1982-2016, taking account of the endogeneity of unemployment by instrumentation and the presence of common correlated effects (CCE). We find that theoretically coherent specifications taking account of the aggregate dynamics of unemployment may be estimated by the CCE estimator, whereas less efficient and potentially inconsistent methods differ and are problematic.

Item Type: Monograph (Working Paper)
Uncontrolled Keywords: Wage Phillips curves, state-level data, panel estimation, CCE, endogeneity
Subjects: H Social Sciences > HG Finance
Divisions: Faculty of Social Sciences > Essex Business School
Faculty of Social Sciences > Essex Business School > Essex Finance Centre
Depositing User: Elements
Date Deposited: 02 Jan 2019 14:01
Last Modified: 02 Jan 2019 14:15
URI: http://repository.essex.ac.uk/id/eprint/23707

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