Fig. 7From: Has the wage Phillips curve changed in the euro area?Robustness to lag relationship between unemployment and wage dynamics \( {\Delta}^4{w}_t={c}_t+{\displaystyle \sum_{i=1}^h}{\beta}_{it}{\Delta}^4{w}_{t-i}+{\delta}_t{E}_t\Delta {p}_{t+1}+{\gamma}_t{U}_t+{\varepsilon}_t \) Back to article page