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Modelling shifts in the wage-price and unemployment-inflation relationships in Italy, Poland, and the UK Author info | Abstract | Publisher info | Download info | Related research | Statistics Marcellino, M.
Mizon, G.E.
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The relationships between wages, prices, productivity, inflation and unemployment in Italy between 1970 and 1994, are modelled using a cointegrated vector autoregression. There is evidence of a change in the underlying equilibria and in the dynamic evolution of the variables, probably associated with the substantial changes in many sectors of the Italian economy after 1979. Alternative ways to model structural change in the Italian labour market are considered, including choice of lag length, the use of dummy variables, modelling conditionally on related macroeconomic variables, and modelling separate regimes. In adopting a split sample approach the results favour an hysteresis interpretation of unemployment.
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Paper provided by Economics Division, School of Social Sciences, University of Southampton in its series Discussion Paper Series In Economics And Econometrics with number
9917.
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Date of creation: 01 Jan 1999Date of revision:
Handle: RePEc:stn:sotoec:9917Contact details of provider: Postal: Highfield, Southampton SO17 1BJ Phone: (+44) 23 80592537 Fax: (+44) 23 80593858 Email: Web page: http://www.economics.soton.ac.uk/ More information through EDIRC
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Doornik, Jurgen A & Hendry, David F & Nielsen, Bent, 1998.
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Clements, Michael P. & Mizon, Grayham E., 1991.
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Christopher L. Erikson & Andrea Ichino, 1994.
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NBER Working Papers
4922, National Bureau of Economic Research, Inc.
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Other versions: Johansen, Soren, 1988.
"Statistical analysis of cointegration vectors ,"
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Hans-Martin Krolzig, 1999.
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Computing in Economics and Finance 1999
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" The Price-Wage Inflationary Spiral in Poland ,"
Economic Change and Restructuring ,
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Golinelli, Roberto & Orsi, Renzo, 1994.
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Kim, Byung-Yeon, 2001.
"Determinants of Inflation in Poland: A Structural Cointegration Approach ,"
BOFIT Discussion Papers
16/2001, Bank of Finland, Institute for Economies in Transition.
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Ian Babetskii, 2007.
"Aggregate Wage Flexibility in Selected New EU Member States ,"
CESifo Working Paper Series
CESifo Working Paper No. , CESifo Group Munich.
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Other versions: Jesus Otero & Manuel Ramirez, 2002.
"On the determinants of the inflation rate in Colombia: a disequilibrium market approach ,"
BORRADORES DE INVESTIGACIÃN
003296, UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA.
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Rita Duarte & Carlos Robalo Marques, 2009.
"The dynamic effects of shocks to wages and prices in the United States and the Euro Area ,"
Working Paper Series
1067, European Central Bank.
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Hans-Martin Krolzig & Massimiliano Marcellino & Grayham E. Mizon, .
"A Markov-Switching Vector Equilibrium Correction Model of the UK Labour Market ,"
Working Papers
185, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
[Downloadable!]
Other versions:
Krolzig, H-M. & Marcellino, M. & Mizon, G.E., 2001.
"A Markov-Switching Vector Equilibrium Correction Model of the UK Labour Market ,"
Discussion Paper Series In Economics And Econometrics
0105, Economics Division, School of Social Sciences, University of Southampton.
Massimiliano Marcellino & Grayham E. Mizon & Hans-Martin Krolzig, 2002.
"A Markov-switching vector equilibrium correction model of the UK labour market ,"
Empirical Economics ,
Springer, vol. 27(2), pages 233-254.
[Downloadable!] (restricted) Ana María Iregui & Jesús Otero, .
"On the Dynamics of Unemployment in a Developing Economy: Colombia ,"
Borradores de Economia
208, Banco de la Republica de Colombia.
[Downloadable!]
Other versions: H. Lütkepohl & P. Saikkonen & C. Trenkler, .
"Testing for the Cointegrating Rank of a VAR Process with Level Shift at Unknown Time ,"
Sonderforschungsbereich 373
2001-63, Humboldt Universitaet Berlin.
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