Has Globalization Changed the Phillips Curve?

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This booklet estimates industry-specific Phillips curves for Denmark to test whether the finding of a weaker link between wages and the unemployment gap is due to changes within industries or should instead be ascribed to changes in the relative sizes of industries. It finds that industries with an easier access to international outsourcing show weaker wage responses to the unemployment gap, whereas access to the import of foreign goods and foreign labor seem to have no effect on the slope of the Phillips curve.