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Price and Wage Setting in Japan: An Empirical Investigation

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  • Shigeyuki Hamori

    ()
    (Kobe University)

  • Takeshi Hoshikawa

    ()
    (Kinki University)

  • Junya Masuda

    ()
    (Mitsubishi Research Institute)

  • Kunihiro Hanabusa

    ()
    (Kobe University)

Abstract

This paper empirically analyzes whether a hypothesis from Aukrust (1977) applies to two phenomena in Japan: wage spillover between internationally competitive industries (exposed sectors) and domestically protected industries (sheltered sectors), and wage- and price- setting in those industries. We find that Aukrust's assumptions hold in the case of Japan, as all three of the cointegrating relations assumed by the Aukrust model are confirmed to exist. We also find the causal relations in Japan are more complex than the relations assumed by Aukrust.

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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 29 (2009)
Issue (Month): 1 ()
Pages: 38-50

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Handle: RePEc:ebl:ecbull:eb-08f40028

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  1. Jacobson, Tor & Ohlsson, Henry, 1994. "Long-Run Relations between Private and Public Sector Wages in Sweden," Empirical Economics, Springer, Springer, vol. 19(3), pages 343-60.
  2. Donald W.K. Andrews & Werner Ploberger, 1992. "Optimal Tests When a Nuisance Parameter Is Present Only Under the Alternative," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1015, Cowles Foundation for Research in Economics, Yale University.
  3. Nymoen, R, 1991. "A Small Linear Model of Wage- and Price-Inflation in the Norwegian Economy," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 6(3), pages 255-69, July-Sept.
  4. Kwiatkowski, Denis & Phillips, Peter C. B. & Schmidt, Peter & Shin, Yongcheol, 1992. "Testing the null hypothesis of stationarity against the alternative of a unit root : How sure are we that economic time series have a unit root?," Journal of Econometrics, Elsevier, Elsevier, vol. 54(1-3), pages 159-178.
  5. Holmlund, B. & Ohlsson, H., 1990. "Wage Linkages Between Private and Public Sectors," Papers, Uppsala - Working Paper Series 1990t, Uppsala - Working Paper Series.
  6. Elliott, Graham & Rothenberg, Thomas J & Stock, James H, 1996. "Efficient Tests for an Autoregressive Unit Root," Econometrica, Econometric Society, Econometric Society, vol. 64(4), pages 813-36, July.
  7. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, Econometric Society, vol. 59(6), pages 1551-80, November.
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