The Phillips curve, regime switching, and the NAIRU

Article Abstract:

Research describing the relationship between inflation and unemployment in the US economy is presented. In particular the validity of the concept of non-accelerating inflation rate of unemployment is examined.

Usage, Economic research, Unemployment, Phillips curve

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Technical change and wage-share fluctuations in a regime-switching model

Article Abstract:

A previously developed macro model capable of generating a wide variety of behavior in real and nominal wages and prices is extended to allow the simultaneous presence of technical change and fluctuations in the wage share. Parameters of the wage-price subsystem, which show a conflict between firms' desires for greater markups on wages and workers' desires for higher real wages are presumed to switch when a critical level of employment is attained. This change avoids explosive results and permits a great variety of results, indicating that economic fluctuations can coexist with a broad range of behavior in labor and product markets.

Labor market, Business-to-business market, Business to business market, Wage price policy, Wage-price policy

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Modes of economizing behavior: experimental evidence

Article Abstract:

The ways of reaching decisions on economizing such as trial and error, imitation, relying on authority, habit, impulse and hunch are empirically examined. Findings reveal that there is no particular method which can lead to the best decision. Making the the right decision seems to be an art and skill of knowing which method to use for a particular situation. This art of decision making is affected by the two fundamental economic concepts of the law of diminishing returns and the need for specialization and trade.

Psychological aspects, Decision-making, Decision making, Consumer behavior

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