Resource Boom, Wages and Unemployment: Theory and Evidence from the Norwegian Petroleum Experience
The effects of Norwegian petroleum activities on nominal wages and the rate of unemployment are analyzed. The theoretical model is based on standard theory of segmented labor markets. Increased nominal wages in the petroleum sector will unambiguously increase the wage level and the rate of unemployment. Increased petroleum employment will, under realistic assumptions, also raise the wage level. The effect on the rate of unemployment in this case is ambiguous. The empirical model is embedded in reduced forms of the theoretical model and the estimated parameters are consistent with the theoretical results. Copyright 1987 by The editors of the Scandinavian Journal of Economics.
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Volume (Year): 89 (1987)
Issue (Month): 2 ()
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