Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/11158
Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: The Phillips Curve and Cyclical Manhour Variation
Authors: Hart, Robert A
Contact Email: r.a.hart@stir.ac.uk
Issue Date: Jul-1983
Publisher: Oxford University Press (OUP)
Citation: Hart RA (1983) The Phillips Curve and Cyclical Manhour Variation, Oxford Economic Papers, 35 (2), pp. 186-201.
Abstract: First paragraph: This paper attempts to show the importance of the work on cyclical manhour variation, pioneered by Oi (1962), Rosen (1968), Nadiri and Rosen (1969), (1974a) and (1974b)) and Ehrenberg (1971), towards understanding the observed short-run relationships between nominal wage changes and unemployment. The focal point for the inflation analysis is the Phillips curve derivation of Barro and Grossman (1976) and Grossman (1974) since their approach of denning excess demand in terms of manhours provides a crucial link between employment and inflation theories. While the general Barro and Grossman macroeconomic system (see also (1971)) represents an extreme case within the class of non-market clearing models, given its arbitrary fixed price assumption, its use here, apart from convenience, is defended for two reasons. First, the adoption of a more sophisticated non-market clearing model incorporating an explicit price adjustment equation would not alter the main arguments substantively. Secondly, although the applicability of the Barro and Grossman methodology was originally questioned, since it left unexplained why prices may fail to clear markets, more recent work on price adjustment has helped to give a firmer foundation to this approach (see Gordon (1981)).
Type: Journal Article
URI: http://hdl.handle.net/1893/11158
URL: http://oep.oxfordjournals.org/content/35/2/186.full.pdf+html
Rights: The publisher does not allow this work to be made publicly available in this Repository. Please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study.
Affiliation: Economics

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