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A survey of the econometric evidence of the effects
i Chapter 2 Some empirical evidence on the effectiveness
Chapter 3 Incomes policy David C Smith Queens University
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adaptive expectations aggregate wage auto-correlation average Change of Money coefficients criteria determined dispersion variables distributed lag dummy variable Durbin-Watson statistic economic Economica effects of incomes estimating equation excess demand hourly earnings hypothesis import prices incomes policy instrumental variables labour costs labour hoarding labour market leading sector level of unemployment Lipsey and Parkin Lipsey-Parkin monetary money illusion non-linearity null hypothesis ordinary least squares output paper parameters Phillips curve policy-off periods policy-on equation pre-war price and incomes price changes price equation price expectations price level problem productivity proxy rate of change rate of increase rate of inflation rate of wage reaction function registered unemployment regression relation relationship residuals rise Sargan shift dummy significant slope statistical sub-period Table tion trade-off transfer mechanism unemployment dispersion unemployment rate unemployment variable United Kingdom Vandome wage and price wage change wage equation wage increases wage inflation weekly wage rates