Journal of Political Economy · 1978 · 155 citations · 12 references
Social SciencesEconomicsLabor EconomicsStochastic ProcessesTime Series AnalysisAutocorrelation AnalysisEmploymentStationarity AnalysisStationary ProcessesTime Series EconometricsWage DeterminationCovariance StationarityCovariance Stationary ProcessesLag SpecificationReal WagesStationary Covariance ModelsStationary Processes EstimationStationary Time SeriesTime Lag Analysis
In this paper, the theory of covariance-stationary stochastic processes is used in order to investigate the sign and the significance of the relationship between employment and real wages. It is shown that when appropriate distributed lags are estimated the data suggest that employment and real wages are negatively correlated. The response appears to be non-contemporaneous and statistically significant.
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E. J. Hannan, Henri Theil · Technometrics · 1973 · 3.2K citations
Christopher A. Sims · American Economic Review · 1972 · 2.9K citations
Implicit Contracts and Underemployment Equilibria
Costas Azariadis · Journal of Political Economy · 1975 · 1.2K citations