By John Burton (auth.)
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Extra info for Wage Inflation
Wage rates plus certain other localised payments such as bonuses of various kinds), and series relating to 'wages' in manufacturing or some wider (or narrower) section of the economy. Then even the concept of 'rate of change' (of wages) may be measured in different ways. Similarly the notion of 'excess demand' may be measured in a multitude of manners - as may all other possible determinants of Ll W. As if this is not enough, there are the differences that arise from the selection of dissimilar periods over which to measure variables (quarterly, biannually or annually), by making different timing alignments between them using different lags, and by testing over diverse historical periods.
E. 'search') will consequently fall (while the duration of vacancies grows), and wage aspirations will rise. Similarly, currently employed workers, noticing these trends, may engage in either 'on the job' or 'off the job' search for better-paying employment.
Thus the 'Hines hypothesis' is that: tJWt=f(tJTt, T t) (13) where tJ T t = the rate of change of unionisation in period t and T t = the level of unionisation that exists in period t. K. presents strong statistical support for this hypothesis, especially for the years 1921 to 1961 during which the estimated version of equation (13) is able to predict roughly 90 per cent of the variation that occurred in the average wage 55 rate. An obvious question that must be answered, before this fairly amazing result can be accepted as substantive corroboration of the existence of a cost-push process, is: what determines the rate of change of unionisation?