Wages more sticky in the US than in Japan, BoJ paper finds
The slope of the New Keynesian Wage Phillips Curve (NKWPC) is much steeper in Japan than in the US, suggesting that wages are less sticky in the former, according to a Bank of Japan working paper.
An Empirical Study on the New Keynesian Wage Phillips Curve, by Ichiro Muto and Kohei Shintani, presents an empirical analysis on the New Keynesian Wage Phillips Curve derived as a micro-founded structural relationship between wage inflation and the unemployment rate, under a sticky wage framework
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