The Meaning and Validity of the Inflation-Induced Lag of Wages Behind Prices

This paper presents: 1. a review of the statistical evidence that has been used to support the Mitchell-Hamilton hypothesis, and 2. a new test of this hypothesis based on differences in the labor intensiveness of business firms and the performances of their stock prices during inflation.

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Bibliographic Details
Published in:The American economic review 1960-03, Vol.50 (1), p.43-66
Main Authors: Kessel, R. A., Alchian, A. A.
Format: Article
Language:English
Subjects:
Civil wars
Creditors
Debtors
Economic inflation
Economic theory
Hypotheses
Income taxes
Inflation
Inflation rates
Labor markets
Real wages
Stock prices
Studies
Wage rates
Wages
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Description
Summary:This paper presents: 1. a review of the statistical evidence that has been used to support the Mitchell-Hamilton hypothesis, and 2. a new test of this hypothesis based on differences in the labor intensiveness of business firms and the performances of their stock prices during inflation.
ISSN:0002-8282
1944-7981