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Are Real Wages and Unemployment Related?

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Author Info
Jacobson, Tor
Vredin, Anders
Warne, Anders

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Abstract

In 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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Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 65 (1998)
Issue (Month): 257 (February)
Pages: 69-96
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Handle: RePEc:bla:econom:v:65:y:1998:i:257:p:69-96

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  1. Jacobson, Tor & Jansson, Per & Vredin, Anders & Warne, Anders, 2002. "Identifying the Effects of Monetary Policy Shocks in an Open Economy," Working Paper Series 134, Sveriges Riksbank (Central Bank of Sweden). [Downloadable!]
  2. Kilponen, Juha & Mayes, David & Vilmunen, Jouko, 1999. "Labour Market Flexibility in Northern Europe," ERSA conference papers ersa99pa088, European Regional Science Association. [Downloadable!]
    Other versions:
  3. Alain W. HECQ, 2005. "Common Trends and Common Cycles in Latin America: A 2-step vs an Iterative Approach," Computing in Economics and Finance 2005 258, Society for Computational Economics. [Downloadable!]
  4. Ralf Brüggemann, 2006. "Sources of German unemployment: a structural vector error correction analysis," Empirical Economics, Springer, vol. 31(2), pages 409-431, June. [Downloadable!] (restricted)
    Other versions:
  5. Bukowski, Maciej & Koloch, Grzegorz & Lewandowski, Piotr, 2008. "Shocks and rigidities as determinants of CEE labor markets' performance. A panel SVECM approach," MPRA Paper 12429, University Library of Munich, Germany. [Downloadable!]
  6. Tor Jacobson & Johan Lyhagen & Rolf Larsson & Marianne Nessén, 2002. "Inflation, Exchange Rates and PPP in a Multivariate Panel Cointegration Model," 10th International Conference on Panel Data, Berlin, July 5-6, 2002 D4-2, International Conferences on Panel Data. [Downloadable!]
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  7. Jacobson, Tor & Jansson, Per & Vredin, Anders & Warne, Anders, 1999. "A VAR Model for Monetary Policy Analysis in a Small Open Economy," Working Paper Series 77, Sveriges Riksbank (Central Bank of Sweden). [Downloadable!]
  8. Hjelm, Göran, 2001. "The Dynamic Response of the Budget Balance to Tax, Spending and Output Shocks: Does Model Specification Matter?," Working Papers 2001:2, Lund University, Department of Economics. [Downloadable!]
  9. Jennifer L. Castle & David F. Hendry, 2008. "The Long-Run Determinants of UK Wages, 1860-2004," Economics Series Working Papers 409, University of Oxford, Department of Economics. [Downloadable!]
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  10. Heino Nielsen & Christopher Bowdler, 2006. "Inflation adjustment in the open economy: an I(2) analysis of UK prices," Empirical Economics, Springer, vol. 31(3), pages 569-586, September. [Downloadable!] (restricted)
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  11. Tor Jacobson & Per Jansson & Anders Vredin & Anders Warne, 2001. "Monetary policy analysis and inflation targeting in a small open economy: a VAR approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(4), pages 487-520. [Downloadable!]
  12. Matteo Iacoviello, 2002. "House Prices and Business Cycles in Europe: a VAR Analysis," Boston College Working Papers in Economics 540, Boston College Department of Economics. [Downloadable!]
  13. Pascalau, Razvan, 2007. "Productivity Shocks, Unemployment Persistence, and the Adjustment of Real Wages in OECD Countries," MPRA Paper 7222, University Library of Munich, Germany. [Downloadable!]
  14. Mayes , David & Vilmunen, Jouko, 1999. "Unemployment in a Small Open Economy: Finland and New Zealand," Research Discussion Papers 10/1999, Bank of Finland. [Downloadable!]
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