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The Data Variable Transformations
Results for Total Manufacturing
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0i H 9T TT A.W. Phillips aggregate demand remedies Alternative Specifications analysis associated with F3 changes in demand compensatory pricing consumer price index Data Transformations F-ratio demand conditions demand factors dependent variable effect explained explained variance explanatory variables F-ratio in parentheses)1 Factor 1 Factor factor costs Factor Loadings H 0i impact industries inflation inflationary process labor market conditions Loadings for WPI manufacturing sector market structure money illusion money wages multicollinearity negative Otto Eckstein Phillips Phillips Curve policy variables price behavior price changes price equations prices and wages relationship short-run Specifications and Data suggests total manufacturing TT 9T TT TT TT unemployment rate unit labor cost unlagged variance wage changes wage-price wholesale price index WPI for Alternative WPI with WPI WPI+1