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Modelling Wages in the Small Open Economy: An Error-Correction Model of Norwegian Manufacturing Wages

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  • Nymoen, Ragnar

Abstract

This paper develops a dynamic model of Norwegian manufacturing wages which is consistent with the temporal properties of the data. The stability of the equation is tested by recursive methods. In a hypothetical steady-state, the wage-share is conditional on unemployment and a wedge term. Hence, the model is a generalization of Aukrust's main course theory of inflation in small, open economies and is consistent with the broad implications of bargaining theories. The proposed model encompasses an earlier study of the open-economy, Phillips-curve type. Copyright 1989 by Blackwell Publishing Ltd

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Bibliographic Info

Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 51 (1989)
Issue (Month): 3 (August)
Pages: 239-58

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Handle: RePEc:bla:obuest:v:51:y:1989:i:3:p:239-58

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Cited by:
  1. Gerardo Esquivel & Raúl Razo, 2003. "Fuentes de la inflación en México, 1989-2000: Un análisis multicausal de corrección de errores," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 18(2), pages 181-226.
  2. Roger Bjørnstad, 2000. "The Effect of Skill Mismatch on Wages in a small open Economy with Centralized Wage Setting: The Norwegian Case," Discussion Papers 270, Research Department of Statistics Norway.
  3. Jocobson, T. & Ohlsson, H., 1991. "Cointegrating Sectoral Wages in Sweden - a Maximum Likelihood Approach," Papers 1991t, Uppsala - Working Paper Series.
  4. Jesus Otero & Manuel Ramirez, 2002. "On the determinants of the inflation rate in Colombia: a disequilibrium market approach," BORRADORES DE INVESTIGACIÓN 003296, UNIVERSIDAD DEL ROSARIO.
  5. Kees Folmer, 2009. "Why do macro wage elasticities diverge?," CPB Memorandum 224, CPB Netherlands Bureau for Economic Policy Analysis.
  6. Forslund, Anders & Gottfries, Nils & Westermark, Andreas, 2005. "Real and Nominal Wage Adjustment in Open Economies," Working Paper Series 2005:18, Uppsala University, Department of Economics.
  7. Gunnar Bårdsen & Ragnar Nymoen, 2000. "Testing Steady-State Implications for the NAIRU," Working Paper Series 1602, Department of Economics, Norwegian University of Science and Technology, revised 30 Apr 2002.
  8. Pål Boug, 1999. "The Demand for Labour and the Lucas Critique. Evidence from Norwegian Manufacturing," Discussion Papers 256, Research Department of Statistics Norway.
  9. Gunnar Bårdsen & Eilev S. Jansen & Ragnar Nymoen, 2002. "The Empirical (ir)Relevance of the New Keynesian Phillips Curve," Working Paper Series 2102, Department of Economics, Norwegian University of Science and Technology.
  10. Bårdsen, Gunnar & Nymoen, Ragnar, 2006. "U.S. natural rate dynamics reconsidered," Memorandum 13/2006, Oslo University, Department of Economics.
  11. Ragnar Nymoen & Gunnar Bardsen & Eilev S. Jansen, 2004. "The empirical relevance of the New Keynesian Phillips curve," Econometric Society 2004 North American Winter Meetings 328, Econometric Society.
  12. Bjornstad, Roger & Skjerpen, Terje, 2006. "Trade and inequality in wages and unemployment," Economic Modelling, Elsevier, vol. 23(1), pages 20-44, January.
  13. Kees Folmer, 2009. "Why do macro wage elasticities diverge? A meta analysis," CPB Discussion Paper 122, CPB Netherlands Bureau for Economic Policy Analysis.
  14. Bårdsen, Gunnar & Jansen, Eilev S. & Nymoen, Ragnar, 2003. "Testing the New Keynesian Phillips curve," Memorandum 18/2002, Oslo University, Department of Economics.
  15. Roger Bjørnstad & Terje Skjerpen, 2003. "Technology, Trade and Inequality," Discussion Papers 364, Research Department of Statistics Norway.

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