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Real Wage and Nominal Shock: Evidence from Pacific-Rim Countries

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  • Doh-Khul Kim
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    Abstract

    This paper examines aggregate real-wage responses to nominal shocks in four Pacific-rim countries utilizing a vector autoregression (VAR) framework. In this study, positive real-wage responses are found in Japan and New Zealand whereas negative responses are found in Australia and Korea. In the transmission of nominal shocks to real economic activities, the findings show a sticky-price model to be more important in Japan and New Zealand, while a sticky-wage model plays the more dominant role in Australia and Korea. Copyright International Atlantic Economic Society 2005

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    File URL: http://hdl.handle.net/10.1007/s11294-005-6614-5
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    Bibliographic Info

    Article provided by Springer in its journal International Advances in Economic Research.

    Volume (Year): 11 (2005)
    Issue (Month): 3 (August)
    Pages: 249-255

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    Handle: RePEc:kap:iaecre:v:11:y:2005:i:3:p:249-255

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    Web page: http://www.springerlink.com/link.asp?id=112112

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    Keywords: E4; E5;

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    9. Christiano, Lawrence J. & Eichenbaum, Martin & Evans, Charles L., 1997. "Sticky price and limited participation models of money: A comparison," European Economic Review, Elsevier, vol. 41(6), pages 1201-1249, June.
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    11. Neftci, Salih N, 1978. "A Time-Series Analysis of the Real Wages-Employment Relationship," Journal of Political Economy, University of Chicago Press, vol. 86(2), pages 281-91, April.
    12. Marco Lippi & Lucrezia Reichlin, 1993. "The dynamic effects of aggregate demand and supply disturbances: comment," ULB Institutional Repository 2013/10159, ULB -- Universite Libre de Bruxelles.
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