Revealing the Wage Phillips Curve on the Relationship Between Wage Growth and Unemployment Rate
These authors contributed equally
- 10.2991/assehr.k.211209.466How to use a DOI?
- Wage Philips curve; Wage growth; Unemployment rate; 2001; U.S
The Phillips Curve is a well-known concept in macroeconomics, where the relationship between the unemployment rate and wage growth is a dominant element. The purpose of this study was to explore the failure of revealing normal relationship between wage growth and unemployment in 2001based on the wage Phillips curve reveal. Specifically, we further developed some previous theories by analysing the case of the Great Depression in 2001.The research combined qualitative and quantitative methods as the approach of the case study. This paper addressed the question that why didn’t the wage Phillips curve reveal a normal relationship between wage growth and unemployment in 2001 according to the three aspects mentioned above. Furthermore, the research provided several new aspects in the study of wage Phillips’s curve as well as the causality led to low wage growth in 2001. Several implications like the monetary policiesand solutions combined with factors like the shocks on labor markets or difference in wage levels were discussed within the paper. These results shed light on the essence of the depression in 2001, make a forecast on the following years which probably will face the same situation and help have better preparations.
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Cite this article
TY - CONF AU - Mingyang Jiang AU - Mian Wang AU - Xinkai Zhuo AU - Junyi Zou PY - 2021 DA - 2021/12/15 TI - Revealing the Wage Phillips Curve on the Relationship Between Wage Growth and Unemployment Rate BT - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021) PB - Atlantis Press SP - 2869 EP - 2878 SN - 2352-5428 UR - https://doi.org/10.2991/assehr.k.211209.466 DO - 10.2991/assehr.k.211209.466 ID - Jiang2021 ER -