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A survey of the econometric evidence of the effects
Some empirical evidence on the effectiveness
Incomes policy David C Smith Queens University
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adaptive expectations aggregate wage auto-correlation average Change of Money coefficient of determination coefficients determined dispersion variables distributed lag 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-linear null hypothesis ordinary least squares output paper parameters Phillips curve policy-off equation policy-off periods policy-on 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 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