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Wage Dynamics In A Structural Time Series Model For Luxembourg

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Author Info
Aka, Bédia F. ()
P. Pieretti
Abstract

This paper examines the relationships between monetary wage and its theoretical explanatory variables using a Structural Time Series (STS) model in order to take into account the unobserved components (trend, cycle, seasonal and irregular) of wage. Theoretically, the monetary wage is negatively related to labor productivity and unemployment rate but positively to the consumer price index and foreign prices. Our empirical results for a small open economy as Luxembourg indicate that the wage is positively related to the consumer price index and foreign prices as predicted by the theory, but the labor productivity and unemployment rate are not significant in the explanation of wages dynamics in the Luxembourg economy.

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Article provided by Euro-American Association of Economic Development in its journal International Journal of Applied Econometrics and Quantitative Studies .

Volume (Year): 5 (2008)
Issue (Month): 2 ()
Pages:
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Handle: RePEc:eaa:ijaeqs:v:5:y2008:i:2_2

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Related research
Keywords: Wage Bargaining; Labor Unions; Unobserved Components Models; Structural Time Series;

Find related papers by JEL classification:
C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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  1. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-66, September. [Downloadable!] (restricted)
  2. Lockwood, Ben & Manning, Alan, 1993. "Wage setting and the tax system theory and evidence for the United Kingdom," Journal of Public Economics, Elsevier, vol. 52(1), pages 1-29, August. [Downloadable!] (restricted)
  3. Thórarinn G. Pétursson & Torsten Sløk, 2001. "Wage formation and employment in a cointegrated VAR model," Econometrics Journal, Royal Economic Society, vol. 4(2), pages 2.
  4. Manning, Alan, 1993. "Wage Bargaining and the Phillips Curve: The Identification and Specification of Aggregate Wage Equations," Economic Journal, Royal Economic Society, vol. 103(416), pages 98-118, January. [Downloadable!] (restricted)
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  5. Nymoen, Ragnar & Rodseth, Asbjorn, 2003. "Explaining unemployment: some lessons from Nordic wage formation," Labour Economics, Elsevier, vol. 10(1), pages 1-29, February. [Downloadable!] (restricted)
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