Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)

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Revealing the Wage Phillips Curve on the Relationship Between Wage Growth and Unemployment Rate

Authors
Mingyang Jiang1, †, Mian Wang2, *, †, Xinkai Zhuo3, †, Junyi Zou4, †
1Soochow Academy, Suzhou High School of Jiangsu Province, Suzhou, 215000, China
2Soochow Academy, Suzhou High School of Jiangsu Province, Suzhou, 215000, China
3Dalton, The Affiliated High School of Peking University, Beijing, 100080, China
4Beijing, Royal School, Beijing, 10000, China
†

These authors contributed equally

*Corresponding author. Email: zhuoxinkai@i.pkuschool.edu.cn
Corresponding Author
Mian Wang
Available Online 15 December 2021.
DOI
10.2991/assehr.k.211209.466How to use a DOI?
Keywords
Wage Philips curve; Wage growth; Unemployment rate; 2001; U.S
Abstract

The Phillips Curve is a well-known concept in macroeconomics, where the relationship between the unemployment rate and wage growth is a dominant element. The purpose of this study was to explore the failure of revealing normal relationship between wage growth and unemployment in 2001based on the wage Phillips curve reveal. Specifically, we further developed some previous theories by analysing the case of the Great Depression in 2001.The research combined qualitative and quantitative methods as the approach of the case study. This paper addressed the question that why didn’t the wage Phillips curve reveal a normal relationship between wage growth and unemployment in 2001 according to the three aspects mentioned above. Furthermore, the research provided several new aspects in the study of wage Phillips’s curve as well as the causality led to low wage growth in 2001. Several implications like the monetary policiesand solutions combined with factors like the shocks on labor markets or difference in wage levels were discussed within the paper. These results shed light on the essence of the depression in 2001, make a forecast on the following years which probably will face the same situation and help have better preparations.

Copyright
© 2021 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
Series
Advances in Economics, Business and Management Research
Publication Date
15 December 2021
ISBN
978-94-6239-483-4
ISSN
2352-5428
DOI
10.2991/assehr.k.211209.466How to use a DOI?
Copyright
© 2021 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

risenwbib
TY  - CONF
AU  - Mingyang Jiang
AU  - Mian Wang
AU  - Xinkai Zhuo
AU  - Junyi Zou
PY  - 2021
DA  - 2021/12/15
TI  - Revealing the Wage Phillips Curve on the Relationship Between Wage Growth and Unemployment Rate
BT  - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
PB  - Atlantis Press
SP  - 2869
EP  - 2878
SN  - 2352-5428
UR  - https://doi.org/10.2991/assehr.k.211209.466
DO  - 10.2991/assehr.k.211209.466
ID  - Jiang2021
ER  -