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Wage and Profitability: Norwegian Manufacturing 1967-1998

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Author Info
Roger Bjørnstad and Ragnar Nymoen () (Statistics Norway)

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Abstract

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 1999
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Handle: RePEc:ssb:dispap:259

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Related research
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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References listed on IDEAS
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    Other versions:
  4. Rodseth,A. & Nymoen,R., 1999. "Nordic wage formation and unemployment seven years later," Memorandum 10/1999, Oslo University, Department of Economics. [Downloadable!]
  5. Neil R. Ericsson, 1991. "Cointegration, exogeneity, and policy analysis: an overview," International Finance Discussion Papers 415, Board of Governors of the Federal Reserve System (U.S.).
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  6. Harbo, Ingrid, et al, 1998. "Asymptotic Inference on Cointegrating Rank in Partial Systems," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(4), pages 388-99, October.
  7. Moene, Karl O, 1988. "Unions' Threats and Wage Determination," Economic Journal, Royal Economic Society, vol. 98(391), pages 471-83, June. [Downloadable!] (restricted)
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  9. Johansen, Kare, 1997. "The Wage Curve: Convexity, Kinks and Composition Effects," Applied Economics, Taylor and Francis Journals, vol. 29(1), pages 71-78, January. [Downloadable!] (restricted)
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  11. 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.
  12. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254. [Downloadable!] (restricted)
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