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Do Minimum Wages Raise the NAIRU?
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Abstract
Maybe a lot. The ratio of the minimum wage to the average wage enters a Phillips-curve equation with a coefficient that is highly significant, stable, and robust. One interpretation of these results is that the relative level of the minimum wage affects the Non-Accelerating Inflation Rate of Unemployment or NAIRU. My estimates are consistent with the reduction in the relative level of the minimum wage since 1980 lowering the U.S. NAIRU about 1½ percentage points, while raising the NAIRU in continental Europe. However, other interpretations are also possible.
Title: Do Minimum Wages Raise the NAIRU?
Description:
Abstract
Maybe a lot.
The ratio of the minimum wage to the average wage enters a Phillips-curve equation with a coefficient that is highly significant, stable, and robust.
One interpretation of these results is that the relative level of the minimum wage affects the Non-Accelerating Inflation Rate of Unemployment or NAIRU.
My estimates are consistent with the reduction in the relative level of the minimum wage since 1980 lowering the U.
S.
NAIRU about 1½ percentage points, while raising the NAIRU in continental Europe.
However, other interpretations are also possible.
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