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Bargaining Models and Identifying the Wage Equation

Author

Listed:
  • Chamberlin, Graeme

    (University of Oxford)

  • Stephen Hall

    (Imperial College)

  • Brian Henry

Abstract

It is commonly asserted that the standard wage equation derived from bargaining theory cannot be identified. Here, it is argued that the case for this alleged failure rests on an outmoded definition of identification. Newer concepts based on non-stationarities, cointegration and reduced rank are appropriate. An empirical example applying these concepts shows that the standard model can be derived and that far from being underidentified, it is actually overidentified.

Suggested Citation

  • Chamberlin, Graeme & Stephen Hall & Brian Henry, 2002. "Bargaining Models and Identifying the Wage Equation," Royal Economic Society Annual Conference 2002 43, Royal Economic Society.
    • Handle: RePEc:ecj:ac2002:43
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    Cited by:

    1. Katarzyna Budnik & Michal Greszta & Michal Hulej & Marcin Kolasa & Karol Murawski & Michal Rot & Bartosz Rybaczyk & Magdalena Tarnicka, 2009. "The new macroeconometric model of the Polish economy," NBP Working Papers 62, Narodowy Bank Polski.

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