Are Real Wages and Unemployment Related?
AbstractIn this paper, the authors propose an alternative method for investigating the sources behind the behavior of real wages and unemployment. The model they study is a certain cointegrated VAR, a so-called common trends model, which has become increasingly popular in the empirical growth/business cycle literature. This model leads them to emphasize the distinction between long-run and short-run relations. Using quarterly Swedish data (1965-90), the authors find only weak evidence of a short-run relation between real wages and unemployment as reported in traditional single-equation,`error-correction models. There is even less evidence of a long-run relation. Copyright 1998 by The London School of Economics and Political Science
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Bibliographic InfoArticle provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 65 (1998)
Issue (Month): 257 (February)
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Other versions of this item:
- Jacobson, Tor & Vredin, Anders & Warne, Anders, 1994. "Are Real Wages and Unemployment Related?," Working Paper Series in Economics and Finance 8, Stockholm School of Economics.
- Jacobson, T. & Vredin, A. & Warne, A., 1993. "Are Real Wages and Unemployment Related?," Papers 558, Stockholm - International Economic Studies.
- C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
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