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On Wage Formation, Wage Development and Unemployment

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  • H.M.M. Peeters
  • A.H.J. den Reijer

Abstract

Since the mid nineties unemployment has substantially decreased in some EMU-countries. One important factor underlying this development is wage moderation. This paper investigates wage formation and wage development. Using a theoretical wage bargaining model main determinants of formation are described, a non-linear wage equation is derived and estimated with annual or quarterly data of the Netherlands, Spain and Ireland. The effects of the individual determinants on wages are calculated and, in addition, each determinant's contribution to the total wage developments is analysed over the last three decades. It follows that each decade is characterised by few dominating determinants. The contribution of unemployment has altered considerably.

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Bibliographic Info

Paper provided by Netherlands Central Bank, Research Department in its series WO Research Memoranda (discontinued) with number 677.

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Date of creation: Dec 2001
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Handle: RePEc:dnb:wormem:677

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Related research

Keywords: wage formation; wage development; unemployment;

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Cited by:
  1. Kees Folmer, 2009. "Why do macro wage elasticities diverge?," CPB Memorandum 224, CPB Netherlands Bureau for Economic Policy Analysis.
  2. Joanna Tyrowicz, 2009. "When Eastern Labour Markets Enter Western Europe. CEECs Labour Market Institutions upon Euro Zone Accession," National Bank of Poland Working Papers 61, National Bank of Poland, Economic Institute.
  3. Demertzis, Maria & Van Els, Peter & Grob, Sybille & Peeters, Marga, 2006. "EUROMON: The multi-country model of De Nederlandsche Bank," MPRA Paper 28512, University Library of Munich, Germany.
  4. Peeters, Marga & Den Reijer, Ard, 2011. "On wage formation, wage flexibility and wage coordination : A focus on the wage impact of productivity in Germany, Greece, Ireland, Portugal, Spain and the United States," MPRA Paper 31102, University Library of Munich, Germany.
  5. Kees Folmer, 2009. "Why do macro wage elasticities diverge? A meta analysis," CPB Discussion Paper 122, CPB Netherlands Bureau for Economic Policy Analysis.
  6. M. Demertzis & P.J.A. van Els & H.M.M. Peeters, 2002. "EUROMON: De Nederlandsche Bank's Multi-Country Model," WO Research Memoranda (discontinued) 718, Netherlands Central Bank, Research Department.
  7. H.M.M. Peeters & A.H.J. den Reijer, 2002. "On Wage Formation, Wage Development and Unemployment Flexibility: a Comparison between European Countries and the United States," WO Research Memoranda (discontinued) 712, Netherlands Central Bank, Research Department.

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