LEADER 02959oam  22004693a 450 
001 9910708271303321
005 20230622022843.0
035   $a(CKB)3240000000023957
035   $a(OCoLC)586063036$z(OCoLC)664503521
035   $a(NBER)w4568
035   $a(EXLCZ)993240000000023957
100   $a20230622d1993      fy         0
101 0 $aeng
135   $aurcnu||||||||
181   $ctxt$2rdacontent
182   $cc$2rdamedia
183   $acr$2rdacarrier
200 10$aPrices, Wages, and Employment in the U.S. Economy$eA Traditional Model  and Tests of Some Alternatives /$fAlbert Ando, Flint Brayton
210   $aCambridge, Mass$cNational Bureau of Economic Research$d1993
210  1$aWashington :$cBoard of Governors of the Federal Reserve System,$d1946.
215   $a1 online resource$cillustrations (black and white);
225 1 $aNBER working paper series$vno. w4568
300   $aDecember 1993.
320   $aIncludes bibliographical references.
330 3 $aIn this paper, we outline the cost minimizing behavior of oligopoly firms and the price adjustment process in the labor market which underlie the traditional formulation of aggregate wage-price behavior in the U.S., and show that resulting equations applied to U.S. data remain stable before and after the significant change in the monetary policy rule that had taken place in 1979.  This result contradicts the prediction of the Lucas critique applied to this context that, in response to a major change of the monetary policy rule, the Phillips curve and the price setting equation of firms would have undergone significant changes.  We test several competing hypotheses for the price level determination, including the possibility that more direct effect of the money supply should be relevant, and show that our formulation dominates alternatives in non- nested tests.  Finally, we present evidence that the nature of capital is putty-clay rather than fully malleable, together with a demand function for labor based on this recognition. In the process of these inquiries, we contrast our formulation with that proposed by Layard and Nickell in England.
410  0$aWorking Paper Series (National Bureau of Economic Research)$vno. w4568.
517   $aPrices, Wages, and Employment in the U.S. Economy
606   $aPrices, Business Fluctuations, and Cycles$2jelc
606   $aMonetary Policy, Central Banking, and the Supply of Money and Credit$2jelc
615  7$aPrices, Business Fluctuations, and Cycles
615  7$aMonetary Policy, Central Banking, and the Supply of Money and Credit
686   $aE3$2jelc
686   $aE5$2jelc
700   $aAndo$b Albert$0122320
701   $aBrayton$b Flint$01365401
712 02$aNational Bureau of Economic Research.
801  0$bMaCbNBER
801  1$bMaCbNBER
906   $aBOOK
912   $a9910708271303321
996   $aPrices, Wages, and Employment in the U.S. Economy$93387272
997   $aUNINA