Please use this identifier to cite or link to this item:
Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: The Phillips Curve and Cyclical Manhour Variation
Author(s): Hart, Robert A
Contact Email:
Issue Date: Jul-1983
Date Deposited: 26-Feb-2013
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)).
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.
Licence URL(s):

Files in This Item:
File Description SizeFormat 
Hart_1983_The_Phillips_Curve.pdfFulltext - Published Version3.48 MBAdobe PDFUnder Embargo until 3000-01-01    Request a copy

Note: If any of the files in this item are currently embargoed, you can request a copy directly from the author by clicking the padlock icon above. However, this facility is dependent on the depositor still being contactable at their original email address.

This item is protected by original copyright

Items in the Repository are protected by copyright, with all rights reserved, unless otherwise indicated.

The metadata of the records in the Repository are available under the CC0 public domain dedication: No Rights Reserved

If you believe that any material held in STORRE infringes copyright, please contact providing details and we will remove the Work from public display in STORRE and investigate your claim.