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The Price-Wage Mechanism in Poland: An Endogenous Switching Model

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Author Info
Jacek Osiewalski
Aleksander Welfe
Abstract

This paper proposes a two-equation price-wage model that enables to test whether the inflationary pressure on wage rate is only present when the rate of inflation is greater than some threshold value. Since the likelihood function for this model is very nonstandard, we develop a small-sample Bayesian approach to estimate its parameters. Our empirical results for Poland, 1962–1993, give support to the hypothesis of the price- wage spiral with a positive threshold value of inflation. Copyright Kluwer Academic Publishers 1997

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File URL: http://hdl.handle.net/10.1023/A:1003015909891
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Article provided by Springer in its journal Economics of Planning.

Volume (Year): 30 (1997)
Issue (Month): 2 (May)
Pages: 205-220
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Handle: RePEc:kap:ecopln:v:30:y:1997:i:2:p:205-220

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Amemiya, Takeshi, 1974. "A Note on a Fair and Jaffee Model," Econometrica, Econometric Society, vol. 42(4), pages 759-62, July. [Downloadable!] (restricted)
  2. Osiewalski, Jacek & Steel, Mark F. J., 1993. "Robust bayesian inference in elliptical regression models," Journal of Econometrics, Elsevier, vol. 57(1-3), pages 345-363. [Downloadable!] (restricted)
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  3. Pole, A. M. & Smith, A. F. M., 1985. "A bayesian analysis of some threshold switching models," Journal of Econometrics, Elsevier, vol. 29(1-2), pages 97-119. [Downloadable!] (restricted)
  4. Welfe, Aleksander, 1996. " The Price-Wage Inflationary Spiral in Poland," Economic Change and Restructuring, Springer, vol. 29(1), pages 33-50.
  5. Franz, Wolfgang & Gordon, Robert J, 1993. "German and American Wage and Price Dynamics: Differences and Common Themes," CEPR Discussion Papers 777, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. Maddala, G S & Nelson, Forrest D, 1974. "Maximum Likelihood Methods for Models of Markets in Disequilibrium," Econometrica, Econometric Society, vol. 42(6), pages 1013-30, November. [Downloadable!] (restricted)
  7. Welfe, Aleksander, 1991. " Modelling Wages in Centrally Planned Economies: The Case of Poland," Economic Change and Restructuring, Springer, vol. 24(1), pages 47-58.
  8. Amemiya, Takeshi, 1974. "Multivariate Regression and Simultaneous Equation Models when the Dependent Variables Are Truncated Normal," Econometrica, Econometric Society, vol. 42(6), pages 999-1012, November. [Downloadable!] (restricted)
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  1. Tihomir Enev & Kenneth Koford, 2000. "The Effect of Incomes Policies on Inflation in Bulgaria and Poland," Economic Change and Restructuring, Springer, vol. 33(3), pages 141-169, October. [Downloadable!] (restricted)
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