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The Neoclassical Determinants of Real Wage

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Author Info

  • Mehmet Ivrendi

    ()
    (Department of Economics, Pamukkale University)

  • Bulent Guloglu

    ()
    (Department of Economics, Pamukkale University)

  • Ý. Hakan Yetkiner

    ()
    (Department of Economics, Izmir University of Economics)

Abstract

This paper presents empirical evidence that the neoclassical explanation of real wage has a high explanatory power at macro level. The factor endowments explanation of wage is surprisingly rare in the literature, at least at empirical level. In this paper, using panel data from 26 OECD countries, we show that technology and factor endowments (physical capital and labor stocks) have a significant explanatory power on the determination of real wage. Based on our results, we speculate that the supply-side rather than demand-side variables may be the major source of wage differences across countries.

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File URL: http://eco.ieu.edu.tr/wp-content/wp1304.pdf
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Bibliographic Info

Paper provided by Izmir University of Economics in its series Working Papers with number 1304.

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Length: 13 pages
Date of creation: Apr 2013
Date of revision:
Handle: RePEc:izm:wpaper:1304

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Postal: Sakarya Caddesi, No:156 35330 Balçova - İzmir
Fax: (90) 232 279 2626
Web page: http://eco.ieu.edu.tr
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Keywords: wage; factor endowment; inter-country wage differences; panel data;

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  1. Erkan Erdil & I. Hakan Yetkiner, 2001. "A comparative analysis of inter-industry wage differentials: industrialized versus developing countries," Applied Economics, Taylor & Francis Journals, vol. 33(13), pages 1639-1648.
  2. Krueger, Alan B & Summers, Lawrence H, 1988. "Efficiency Wages and the Inter-industry Wage Structure," Econometrica, Econometric Society, vol. 56(2), pages 259-93, March.
  3. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  4. Gittleman, Maury & Wolff, Edward N, 1993. "International Comparisons of Inter-industry Wage Differentials," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 39(3), pages 295-312, September.
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