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Are Real Wages and Unemployment Related?

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Author Info

  • Jacobson, Tor

    ()

  • Vredin, Anders

    ()
    (Dept. of Economics, Stockholm School of Economics)

  • Warne, Anders

Abstract

In this paper we propose an alternative method for investigating the sources behind the behavior of real wages and unemployment. The statistical model we study is a certain structural error correction model, a so called common trends model, which has become popular in the empirical growth/business cycle literature. The system consists of real output, employment, unemployment and the product real wage and two exogenous stochastic variables, a tax wedge and a currency basket index. Based on quarterly Swedish data (1965-90) we find evidence supporting a short run but not a medium or long run relation.

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Bibliographic Info

Paper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 8.

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Length: 48 pages
Date of creation: Jan 1994
Date of revision:
Publication status: Published in Economica, 1998, pages 69-96.
Handle: RePEc:hhs:hastef:0008

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Postal: The Economic Research Institute, Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden
Phone: +46-(0)8-736 90 00
Fax: +46-(0)8-31 01 57
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Web page: http://www.hhs.se/
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Keywords: Common trends; error correction; supply and demand shocks;

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