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Searching for Long Run Equilibrium Relationships in the Italian Labour Market: a Cointegrated VAR Approach

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  • Lorenzo Corsini
  • Marco Guerrazzi

Abstract

The aim of this paper is to empirically search for long run relationships in the Italian labour market, assessing the role that institutional factors played in it. In a sense, we search for the existence of a state of the economy where the labour market variables (some of which should measure the strength of institutional factors) are in a long run equilibrium. Having to deal with institutional factors, such as the presence of unions in the wage bargaining process, it came natural to use a model with New Keynesian features as theoretical background. Since we wanted to estimate equilibrium relationships, we chose the cointegrated VAR approach as estimation technique. Such approach is suited to separate long-run equilibrium relationships from short run transient dynamics, and to test the existence and the magnitude of equilibrium restoring forces. In the theoretical model we use, great emphasis is given to the variable that measures union power. Therefore, in the empirical analysis we give much attention to this variable, trying different proxies to measure it, and to assess the role it played in the Italian labour market functioning.

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Bibliographic Info

Paper provided by Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy in its series Discussion Papers with number 2004/43.

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Date of creation: 01 Jan 2004
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Handle: RePEc:pie:dsedps:2004/43

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Related research

Keywords: New Keynesian Economics; Wage Bargaining; Union Power; Cointegrated VAR;

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Cited by:
  1. Luciano Fanti & Luca Gori, 2009. "Longevity, fertility and PAYG pension systems sustainability," Discussion Papers 2009/77, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  2. Manuela Gussoni - Andrea Mangani, 2009. "The impact of public funding for innovation on firms' R&D investments: Do R&D cooperation and appropriability matter?," Discussion Papers 2009/90, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  3. Luciano Fanti & Luca Gori, 2009. "On economic growth and minimum wages," Discussion Papers 2009/78, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  4. Lorenzo Corsini & Elisabetta Olivieri, 2008. "Technological Change and the Wage Differential between Skilled and Unskilled Workers: Evidence from Italy," Discussion Papers 2008/73, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  5. Elena Vakulenko, 2013. "Labour Market Analysis using Time Series Models: Russia 1999-2011," Quaderni del Dipartimento di Economia, Finanza e Statistica 120/2013, Università di Perugia, Dipartimento Economia, Finanza e Statistica.
  6. Luciano Fanti & Luca Gori, 2009. "Endogenous lifetime in an overlapping generations small open economy," Discussion Papers 2009/92, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  7. Luciano Fanti & Luca Gori, 2009. "Child policy solutions for the unemployment problem," Discussion Papers 2009/76, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  8. Luciano Fanti & Luca Gori, 2012. "PAYG Pensions and Economic Cycles Exogenous versus Endogenous Fertility," Public Finance Review, , vol. 40(2), pages 240-269, March.
  9. Luciano Fanti & Luca Gori, 2009. "Endogenous fertility, endogenous lifetime and economic growth: the role of health and child policies," Discussion Papers 2009/91, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  10. Lorenzo Corsini & Pier Mario Pacini & Luca Spataro, 2010. "Workers' Choice on Pension Schemes: an Assessment of the Italian TFR Reform Through Theory and Simulations," Discussion Papers 2010/96, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  11. Luca Gori, 2009. "Endogenous fertility, family policy and multiple equilibria," Discussion Papers 2009/79, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.

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