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Wage Formation and Bargaining Power during the Great Depression

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  • Gunnar Bardsen
  • Jurgen A. Doornik
  • Jan Tore Klovland

Abstract

We present an econometric analysis of wage behaviour in Norway during the interwar years. The analysis is based on a panel of manufacturing industry data using GMM estimation methods. Our empirical analysis shows that wage formation in the interwar period can be understood with the help of modern bargaining theory and well-established wage equations. We estimate a long-run wage curve that has all the standard features of being homogeneous in prices, proportional to productivity, and with a negative unemployment elasticity. We also present some new Monte Carlo evidence on the properties of the estimators used. Copyright The editors of the "Scandinavian Journal of Economics" 2010 .

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 112 (2010)
Issue (Month): 1 (03)
Pages: 211-233

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Handle: RePEc:bla:scandj:v:112:y:2010:i:1:p:211-233

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Cited by:
  1. Holmlund, Bertil, 2012. "Wage and Employment Determination in Volatile Times: Sweden 1913–1939," Working Paper Series, Center for Labor Studies 2012:7, Uppsala University, Department of Economics.

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