Baltagi, Badi H.; Blien, Uwe; Wolf, Katja - Institute for the Study of Labor (IZA) - 2008
In 1994, Blanchflower and Oswald reported that they have found an ‘empirical law of economics’ – the Wage Curve …. According to their empirical results, the elasticity of wages with respect to regional unemployment is -0.1. This holds … and is based on a random sample of 974,179 employees drawn from the employment statistics of the Federal Employment …