Incomes Policies and the Norwegian Economy 1973-93
AbstractDuring the second half of the 1970s there was massive government interference in wage and price formation in Norway. Incomes policies changed in the first half of the 1980s - the hey days of "dynamic tax policies" in Norway - and during the second half of the 1980s new direct interventions in wage formation were implemented. These episodes of incomes policies are discussed and their empirical importance is assessed in the econometric price and wage equations of a large scale macroeconometric model of the Norwegian economy. Model simulations show that while price regulations generally led to an expansion of output and loss of cost competitiveness, wage regulation produced both output expansion and gain in competitiveness. The dynamic tax policy implemented in Norway was less successful and led to both higher prices and wages as well as lower output.
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Bibliographic InfoPaper provided by Research Department of Statistics Norway in its series Discussion Papers with number 192.
Date of creation: Apr 1997
Date of revision:
Incomes policies; macroeconomic models.;
Find related papers by JEL classification:
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
- H2 - Public Economics - - Taxation, Subsidies, and Revenue
- H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
- J5 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining
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