Does Labor's Share Drive Inflation?

Volume: 37, Issue: 2, Pages: 297 - 312
Published: Apr 1, 2005
Abstract
A number of researchers have recently argued that the new-Keynesian Phillips curve matches the empirical behavior of inflation well when the labor income share is used as a driving variable, but fits poorly when deterministically detrended output is used. The theoretical motivation for these results rests on the idea that the output gap—the deviation between actual and potential output—is better captured by the labor income share, in turn...
Paper Details
Title
Does Labor's Share Drive Inflation?
Published Date
Apr 1, 2005
Volume
37
Issue
2
Pages
297 - 312
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