A Wage Curve for the Interwar Labour Market: Evidence from a Panel of Norwegian Manufacturing Industries
AbstractWe 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 InfoPaper provided by Department of Economics, Norwegian University of Science and Technology in its series Working Paper Series with number 1802.
Length: 15 pages
Date of creation: 15 May 2000
Date of revision: 15 Apr 2001
Find related papers by JEL classification:
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
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