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2003•RePEc: Research Papers in EconomicsOpen access

Microfoundations of the Wage Inflation in the Czech Republic

Kamil Galuščák, Daniel Münich

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Abstract

The study investigates whether microfoundations might increase the predictive power of macroeconomic models of wage inflation. By comparing past predictions to observed values, the study finds that the Phillips curve with the average unemployment rate in districts with prevalently low unemployment rates delivers more accurate predictions of aggregated wage inflation than the Phillips curve with the overall unemployment rate.

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What this paper is about

The study investigates whether microfoundations might increase the predictive power of macroeconomic models of wage inflation. By comparing past predictions to observed values, the study finds that the Phillips curve with the average unemployment rate in districts with prevalently low unemployment rates delivers more accurate predictions of aggregated wage inflation than the Phillips curve with the overall unemployment rate.

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Available abstract

The study investigates whether microfoundations might increase the predictive power of macroeconomic models of wage inflation. By comparing past predictions to observed values, the study finds that the Phillips curve with the average unemployment rate in districts with prevalently low unemployment rates delivers more accurate predictions of aggregated wage inflation than the Phillips curve with the overall unemployment rate.

Key concepts: Economics, Unemployment, Inflation (cosmology), Phillips curve, Wage, Microfoundations, Labour economics, Variance (accounting)

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