No abstract

No abstract

No abstract

A second difficulty with previous studies is the confusion about the variable t o be explained. Some concentrate on rates, others on earnings, and there is little discussion of which should be used or whether the same set of explanatory variables should be employed irrespective of the * The research underlying this paper waa financed by the SSRC Inflation Project at the University of Manchester. We are indebted to David Laidler and David Purdy for helpful comments on an earlier draft.

No abstract