Phillips curves

Publication date: 23 Apr 2018 | Publication type: NIESR Discussion Paper | Theme: Macroeconomics | External authors: Bell, D, Blanchflower, D | JEL classification: J3, E1, E5 | NIESR discussion paper number: 492
There remains a puzzle around the world over why wage growth is so benign given the unemployment rate has returned to pre-recession levels. It is our contention that a considerable part of the explanation is the rise in underemployment which rose in the Great Recession but has not returned to pre-...