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Wage and Profitability: Norwegian Manufacturing 1967-1998 Author info | Abstract | Publisher info | Download info | Related research | Statistics Roger Bjørnstad and Ragnar Nymoen () (Statistics Norway )
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Economic theories of imperfectly competitive labour markets predict that wages are linked to profits. In spite of this, profit variables are not explicitly specified in empirical models of wage formation that otherwise are appealing. Does this mean that theory overplays the role of profitability in wage formation? The answer is probably not: Using Norwegian wage formation as an example, we model the dereminants of profitability within a vector autoregressive model and show that existing wage equations that have been successful empirically in fact contain a close linkage between wage setting and profits.
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Paper provided by Research Department of Statistics Norway in its series Discussion Papers with number
259.
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Date of creation: Aug 1999Date of revision:
Handle: RePEc:ssb:dispap:259Contact details of provider: Postal: P.O.Box 8131 Dep, N-0033 Oslo, Norway Phone: (+47) 21 09 00 00 Fax: (+47) 21 09 49 73 Email: Web page: http://www.ssb.no More information through EDIRC
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Keywords: Cointegration incomes policy profitability rate-of-return vector autoregressive model wage formation. Find related papers by JEL classification: E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials J51 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Trade Unions: Objectives, Structure, and Effects
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