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The Wage Curve: The Lessons of an Estimation over a Panel of Countries

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Author Info
Stephanie Guichard
Jean-Pierre Laffargue

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Abstract

This paper gives a systematic comparison of private wage behavior in industrialized countries. A wage curve with nominal rigidities is estimated on a panel of 16 countries according to a specific method based on GMM and factor analysis. First, we show that the employment rate is a better indicator of labor market tensions than the unemployment rate. Second, the main difference across countries is the reaction of the wage rate to changes in productivity and in the employment rate. Third, we find evidence of some nominal rigidity in wage behavior and of a positive but small effect of the wedge.

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Paper provided by CEPII research center in its series Working Papers with number 2000-21.

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Date of creation: Dec 2000
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Handle: RePEc:cii:cepidt:2000-21

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Related research
Keywords: International comparison; labor market; wage flexibility;

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Find related papers by JEL classification:
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data
J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General

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References listed on IDEAS
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. Pesaran, M. Hashem & Smith, Ron, 1995. "Estimating long-run relationships from dynamic heterogeneous panels," Journal of Econometrics, Elsevier, vol. 68(1), pages 79-113, July. [Downloadable!] (restricted)
    Other versions:
  2. Pissarides, Christopher A., 1998. "The impact of employment tax cuts on unemployment and wages; The role of unemployment benefits and tax structure," European Economic Review, Elsevier, vol. 42(1), pages 155-183, January. [Downloadable!] (restricted)
    Other versions:
  3. David G. Blanchflower & Andrew J. Oswald, 1990. "The Wage Curve," NBER Working Papers 3181, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Olivier Jean Blanchard & Lawrence F. Katz, 1992. "Regional Evolutions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(1992-1), pages 1-76. [Downloadable!]
  5. Loic Cadiou & Stephanie Guichard, 1999. "La diversite des marches du travail en Europe: Quelles consequences pour l'Union Monetaire," Working Papers 1999-10, CEPII research center. [Downloadable!]
  6. Wickens, Michael R, 1982. "The Efficient Estimation of Econometric Models with Rational Expectations," Review of Economic Studies, Blackwell Publishing, vol. 49(1), pages 55-67, January. [Downloadable!] (restricted)
  7. Blanchflower, David G & Oswald, Andrew J, 1995. "An Introduction to the Wage Curve," Journal of Economic Perspectives, American Economic Association, vol. 9(3), pages 153-67, Summer. [Downloadable!] (restricted)
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Cited by:
(explanations, 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. Olivier Allais & Loic Cadiou & Stephane Dees, 2001. "Defining Consumption Behavior in a Multi-Country Model," Working Papers 2001-02, CEPII research center. [Downloadable!]
  2. Alun H. Thomas, 2002. "The Costs and Benefits of Various Wage Bargaining Structures: An Empirical Exploration," IMF Working Papers 02/71, International Monetary Fund. [Downloadable!]
  3. Cepii & Cepremap, 2001. "MARMOTTE: A Multinational Model," Working Papers 2001-15, CEPII research center. [Downloadable!]
  4. Daniel Gros & Carsten Hefeker, 2001. "Asymmetries in European Labour Markets and Monetary Policy in Euroland," Occasional Papers 01, European Network of Economic Policy Research Institutes. [Downloadable!]
  5. Pablo García & Paulina Granados, 2005. "The Wage Curve in Chile," Working Papers Central Bank of Chile 320, Central Bank of Chile. [Downloadable!]
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