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Cointegración de los Salarios Agregados en Chile: 1980-3-1995-3

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Author Info
Jorge Dresdner
Leonardo Letelier

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Abstract

The paper analyses the behavior of quarterly nominal wages in Chile between 1980.3 and 1995.3. The aim is to estimate a long run wage relationship that allows to identify periods of wage disequilibria. A vector autoregressive model is estimated with Johansens cointegration method. one cointegration vector is identified. on this vector several economic relevant hypotheses, concerning the wage equation, are tested. The results indicate that, in the long run, wages are homogenous of degree one in prices, and that they respond partially to labor productivity growth. Moreover, the appropriateness of introducing the unemployment rate and minimum wages in the long run relation is tested. The results indicate that these variables should not be included in the long run relation.

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Publisher Info
Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Cuadernos de Economía.

Volume (Year): 34 (1997)
Issue (Month): 101 ()
Pages: 49-70
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Handle: RePEc:ioe:cuadec:v:34:y:1997:i:101:p:49-70

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  1. Johansen, Søren & Juselius, Katarina, 1992. "Testing structural hypotheses in a multivariate cointegration analysis of the PPP and the UIP for UK," Journal of Econometrics, Elsevier, vol. 53(1-3), pages 211-244. [Downloadable!] (restricted)
  2. Dickey, David A & Fuller, Wayne A, 1981. "Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root," Econometrica, Econometric Society, vol. 49(4), pages 1057-72, June. [Downloadable!] (restricted)
  3. Osborn, Denise R, et al, 1988. "Seasonality and the Order of Integration for Consumption," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 50(4), pages 361-77, November.
  4. Luis Riveros & Ricardo Paredes, 1993. "El rol de las regulaciones en el mercado laboral: el caso de Chile," Estudios de Economia, University of Chile, Department of Economics, vol. 20(1 Year 19), pages 41-67, June. [Downloadable!]
  5. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
  6. Osterwald-Lenum, Michael, 1992. "A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 461-72, August.
  7. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March. [Downloadable!] (restricted)
  8. Hylleberg, S. & Engle, R. F. & Granger, C. W. J. & Yoo, B. S., 1990. "Seasonal integration and cointegration," Journal of Econometrics, Elsevier, vol. 44(1-2), pages 215-238. [Downloadable!] (restricted)
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  9. Juan Eduardo Coeymans, 1992. "Productividad, Salarios y Empleo en la Economía Chilena: un Enfoque de Oferta Agregada," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 29(87), pages 229-264. [Downloadable!]
  10. Corbo, Vittorio, 1985. "International Prices, Wages and Inflation in an Open Economy: A Chilean Model," The Review of Economics and Statistics, MIT Press, vol. 67(4), pages 564-73, November. [Downloadable!] (restricted)
  11. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July. [Downloadable!] (restricted)
  12. Johansen, Soren, 1992. "Determination of Cointegration Rank in the Presence of a Linear Trend," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 54(3), pages 383-97, August.
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  13. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254. [Downloadable!] (restricted)
  14. Juselius, Katarina, 1992. "Domestic and foreign effects on prices in an open economy: The case of Denmark," Journal of Policy Modeling, Elsevier, vol. 14(4), pages 401-428, August. [Downloadable!] (restricted)
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