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🔗 Source: ourtime.substack.com
📊 Size: 2.42 MB
📄 Pages: 14 pages
⬇️ Downloads: 93

Summary

Janet Yellen's memo to Chairman Greenspan discusses the relationship between job insecurity, the natural rate of unemployment, and the Phillips Curve. She outlines a theory that suggests an increase in job insecurity due to factors like changing technology or corporate reorganization can lead to a permanent decline in the natural rate of unemployment, lower real wages, and higher price markups. The theory is based on efficiency wage models, which propose that firms pay higher wages to reduce turnover, improve morale, and increase productivity. An increase in job insecurity can shift the labor supply curve downward, allowing firms to offer lower real wages and reducing the natural rate of unemployment. The memo also discusses how this theory can help explain the behavior of wages, prices, and profit margins, and how it relates to the Phillips Curve.

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Description

Janet Yellen's memo to Chairman Greenspan discusses the relationship between job insecurity, the natural rate of unemployment, and the Phillips Curve.

Technical Information

  • File Format: PDF
  • File Size: 2.42 MB
  • Pages: 14
  • Language: EN
  • Total Downloads: 93
  • Last Updated: 4 weeks ago

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