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Wage-Price Setting in New EU Member States

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Author Info
Manuela Goretti

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Abstract

This paper analyzes wage- and price-setting relations in new EU member countries. Panel estimates indicate a strong and significant relationship between real wages and labor productivity, as well as evidence of wage pass-through to inflation. Terms of trade shocks do not feed through to real wages. Country-specific wage developments, beyond differences in labor productivity growth, are mostly explained by real wage catch-up from different initial levels and different labor market conditions. Qualitative evidence also suggests that public sector wage demonstration effects and institutional factors may play a role in wage determination.

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Publisher Info
Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/243.

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Length: 24 pages
Date of creation: 07 Oct 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/243

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Related research
Keywords: Wage policy ; Pricing policy ; European Union ; Europe ; Public sector wages ; Labor markets ; Labor productivity ; External shocks ; Inflation ;

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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. Olivier Jean Blanchard & Lawrence Katz, 1999. "Wage Dynamics: Reconciling Theory and Evidence," NBER Working Papers 6924, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Blanchard, Olivier J, 1986. "The Wage Price Spiral," The Quarterly Journal of Economics, MIT Press, vol. 101(3), pages 543-65, August. [Downloadable!] (restricted)
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  3. Janine Berg & Sandrine Cazes, 2007. "The Doing Business Indicators: Measurement issues and political implications," Economic and Labour Market Papers 2007-06, International Labour Office. [Downloadable!]
  4. Barry Bosworth & George L. Perry, 1994. "Productivity and Real Wages: Is There a Puzzle?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(1994-1), pages 317-343. [Downloadable!]
  5. Feldstein, Martin, 2008. "Did wages reflect growth in productivity?," Journal of Policy Modeling, Elsevier, vol. 30(4), pages 591-594. [Downloadable!] (restricted)
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  6. Ian Babetskii, 2007. "Aggregate Wage Flexibility in Selected New EU Member States," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
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This page was last updated on 2009-11-20.

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