Artikel
Cointegration and structure in Norwegian wage-price dynamics
Wage coordination plays an important role in macroeconomic stabilization. Pattern wage bargaining systems have been common in Europe, but in different forms, and with different degrees of success in terms of actual coordination reached. We focus on wage formation in Norway, a small open economy, where it is custom to regard the manufacturing industry as the wage leader. We estimate a model of wage formation in manufacturing and in two other sectors. Deciding cointegration rank is an important step in the analysis, economically as well statistically. In combination with simultaneous equation modelling, the cointegration analysis provides evidence that collective wage negotiations in manufacturing have defined wage norms for the rest of the economy over the period 1980(1)-2014(4).
- Language
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Englisch
- Bibliographic citation
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Journal: Econometrics ; ISSN: 2225-1146 ; Volume: 8 ; Year: 2020 ; Issue: 3 ; Pages: 1-15 ; Basel: MDPI
- Classification
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Wirtschaft
Model Evaluation, Validation, and Selection
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
Price Level; Inflation; Deflation
Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
Wage Level and Structure; Wage Differentials
- Subject
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cointegration
error-correcting adjustment
estimation and hypothesis testing in cointegrated models
inflation targeting
macroeconomic fluctuations and transmission mechanisms
pattern wage bargaining
rent-sharing in wage formation
small open economy wage policies
- Event
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Geistige Schöpfung
- (who)
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Gjelsvik, Marit
Nymoen, Ragnar
Sparrman, Victoria
- Event
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Veröffentlichung
- (who)
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MDPI
- (where)
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Basel
- (when)
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2020
- DOI
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doi:10.3390/econometrics8030029
- Handle
- Last update
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10.03.2025, 11:46 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Gjelsvik, Marit
- Nymoen, Ragnar
- Sparrman, Victoria
- MDPI
Time of origin
- 2020
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