Reconciling wage curve and Phillips curve

  1. Montuenga-Gómez, V.M. 2
  2. Ramos-Parreño, J.M. 1
  1. 1 Universidad Politécnica de Cartagena
    info

    Universidad Politécnica de Cartagena

    Cartagena, España

    ROR https://ror.org/02k5kx966

  2. 2 Universidad de La Rioja
    info

    Universidad de La Rioja

    Logroño, España

    ROR https://ror.org/0553yr311

Revista:
Journal of Economic Surveys

ISSN: 0950-0804

Año de publicación: 2005

Volumen: 19

Número: 5

Páginas: 735-765

Tipo: Artículo

SCOPUS: 2-s2.0-30744435395 WoS: WOS:000233514800002 GOOGLE SCHOLAR

Otras publicaciones en: Journal of Economic Surveys

Resumen

The wage curve is the negative relationship that links wage levels to the unemployment rate. It fits accurately with modern non-competitive labour-market models, but goes against a Phillips-curve modelling, because the latter ties wage growth to the unemployment rate. In this article, we present a comprehensive review of these non-competitive models, highlighting recent contributions that try to eliminate the possible 'gap' that exists between the concepts of the wage curve, on the one hand, and the Phillips curve, on the other. © 2005 Blackwell Publishing Ltd,.