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A Wage Curve for the Interwar Labour Market: Evidence from a Panel of Norwegian Manufacturing Industries

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  • Gunnar Bårdsen

    ()
    (Department of Economics, Norwegian University of Science and Technology)

  • Jurgen Doornik

    (Nuffield College, Oxford)

  • Jan Tore Klovland

    ()
    (Department of Economics, Norwegian School of Economics and Business Administration)

Abstract

We present an econometric analysis of wage behaviour in Norway during the interwar years. Applying GMM estimation methods to a newly constructed panel of manufacturing industry data, we find that the interwar years do not seem to be such an anomalous time period as has been suggested with respect to wage behaviour. We estimate a long-run wage curve that has all the modern features of being homogeneous in prices, proportional to productivity, and having an unemployment elasticity of -0.1. We also present some new Monte Carlo evidence on the properties of the estimators used.

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Bibliographic Info

Paper provided by Department of Economics, Norwegian University of Science and Technology in its series Working Paper Series with number 1802.

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Length: 15 pages
Date of creation: 15 May 2000
Date of revision: 15 Apr 2001
Handle: RePEc:nst:samfok:1802

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  1. Ben S. Bernanke & James L. Powell, 1984. "The Cyclical Behavior of Industrial Labor Markets: A Comparison of the Pre-War and Post-War Eras," NBER Working Papers 1376, National Bureau of Economic Research, Inc.
  2. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  3. David G. Blanchflower & Andrew J. Oswald, 1995. "The Wage Curve," MIT Press Books, The MIT Press, edition 1, volume 1, number 026202375x, December.
  4. Hatton, T J, 1988. "A Quarterly Model of the Labour Market in Interwar Britain," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 50(1), pages 1-25, February.
  5. Johansen, Kare, 1995. "Norwegian Wage Curves," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 57(2), pages 229-47, May.
  6. Richard Blundell & Steve Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
  7. Bardsen, Gunnar, 1989. "Estimation of Long Run Coefficients in Error Correction Models," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 51(3), pages 345-50, August.
  8. Wulfsberg, Fredrik, 1997. "An Application of Wage Bargaining Models to Norwegian Panel Data," Oxford Economic Papers, Oxford University Press, vol. 49(3), pages 419-40, July.
  9. Broadberry, S N, 1986. "Aggregate Supply in Interwar Britain," Economic Journal, Royal Economic Society, vol. 96(382), pages 467-81, June.
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