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Economic Growth and the Dynamics of Wage Determination: A Micro Simulation Study of the Stability Consequences of Deficient Variation in Factor Prices and Micro Structures

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  • Eliasson, Gunnar

    (Research Institute of Industrial Economics (IFN))

  • Lindberg, Thomas

    (Research Institute of Industrial Economics (IFN))

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    Abstract

    Swedish Manufacturing Industry is said to be technologically and commercially in good shape. While Swedish wage levels were higher than in all industrial countries in the mid-70s, wages - expressed in international currencies - have now dropped to a mid-position, and real rates of return are back to the average for the postwar period. Given what empirical research on Swedish labor market behavior tells us, the large devaluation in late 1982 should have been followed by strong wage drift. However, to understand recruitment and wage setting decisions, one really needs a model in which firm pricing, production and investment decisions are controlled by overriding profitability objectives and where the rate of interest plays a role. The Swedish micro-to-macro model is such a model.

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    Bibliographic Info

    Paper provided by Research Institute of Industrial Economics in its series Working Paper Series with number 170.

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    Length: 46 pages
    Date of creation: Aug 1986
    Date of revision: Aug 1988
    Handle: RePEc:hhs:iuiwop:0170

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    Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden
    Phone: +46 8 665 4500
    Fax: +46 8 665 4599
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    Web page: http://www.ifn.se/
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    Related research

    Keywords: Economic growth; wage setting; micro-macro simulation model;

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    References

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    1. Schager, Nils Henrik, 1985. "The Replacement of the UV-Curve with a New Measure of Hiring Efficiency," Working Paper Series 149, Research Institute of Industrial Economics.
    2. Albrecht, James W & Axell, Bo & Lang, Harald, 1986. "General Equilibrium Wage and Price Distributions," The Quarterly Journal of Economics, MIT Press, vol. 101(4), pages 687-706, November.
    3. Eliasson, Gunnar, 1977. "Competition and Market Processes in a Simulation Model of the Swedish Economy," American Economic Review, American Economic Association, vol. 67(1), pages 277-81, February.
    4. Duncan, Greg J & Stafford, Frank P, 1980. "Do Union Members Receive Compensating Wage Differentials?," American Economic Review, American Economic Association, vol. 70(3), pages 355-71, June.
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