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Regional Wage Inflation and Unemployment
InterRegional Differences in Wage Flexibility
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2era 2SLS 3SLS aggregate demand analysis average chapter coefficient estimates Curve sstimates dependent variable determinants of wage differences in wage Durbin-Watson statistics efficiency wage hypothesis efficiency wage theory empirical errors in parentheses evidence EWMIX exogenous firms Fisher curve forecasts greater wage flexibility Gross State Product GSP growth Hyclak and Johnes hypothesis hysteresis impact indicate industry inflation and unemployment inflation to unemployment interstate differences Jarque labor demand labor market model lagged unemployment Layard long-term unemployment measure ment metropolitan areas minimum wage misspecification National Demand Growth non-normal Okun's law Orcutt percent level Phillips curve Phillips Curve Estimates ployment real wage regional labor markets relative minimum wage RELMIN reported in table RESET Bera RESET statistic residuals responsiveness of wage right-to-work laws serial correlation simulations Standard errors state-specific statistical problems tion unem unemployment coefficient unemployment persistence unemployment rate wage flexibility wage inflation wage rigidity WFLEX workers