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Wage Contracts and the Unit Root Hypothesis

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  • Louis Phaneuf
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    Abstract

    A model in which nominal wages are set by contracts that have cost-of-living objectives is likely to be consistent with the evidence of a unit root in the real GNP process of many countries. Values of the autoregressive root in the GNP process are calculated numerically for many countries using evidence available on the conduct of monetary policy and on the determination of inflation.

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    File URL: http://links.jstor.org/sici?sici=0008-4085%28199008%2923%3A3%3C580%3AWCATUR%3E2.0.CO%3B2-U
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    Bibliographic Info

    Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

    Volume (Year): 23 (1990)
    Issue (Month): 3 (August)
    Pages: 580-92

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    Handle: RePEc:cje:issued:v:23:y:1990:i:3:p:580-92

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    Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
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    Cited by:
    1. Ascari, Guido & Garcia, Juan A., 2004. "Relative wage concern: the missing piece in the contract multiplier?," Research in Economics, Elsevier, vol. 58(4), pages 343-369, December.
    2. Boschen, John F. & Mills, Leonard O., 1995. "Tests of long-run neutrality using permanent monetary and real shocks," Journal of Monetary Economics, Elsevier, vol. 35(1), pages 25-44, February.
    3. Ambler, Steven & Cardia, Emanuela & Phaneuf, Louis, 1992. "Contrats de salaire, croissance endogène et fluctuations," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(1), pages 175-204, mars et j.
    4. V. Bhaskar, 2002. "On Endogenously Staggered Prices," Review of Economic Studies, Oxford University Press, vol. 69(1), pages 97-116.

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