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Wage Setting, Wage Curve and Phillips Curve: The Italian evidence

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  • Bruno Chiarini
  • Paolo Piselli

Abstract

The purpose of this paper is to investigate some issues of wage setting in order to assess if nominal inertia and wage flexibility characterise the Italian supply side, using multivariate cointegration models. Our estimates indicate that an explicit distinction between stationary and non‐stationary variables and a joint analysis of long‐run and short‐run structure is crucial for achieving clearer results. To this end, we use quarterly time series data for industry sector 1976:1–1993:4. Interesting results have been found concerning the empirical evidence of a long‐run wage curve and the existence of a Phillips curve, through adopting alternative order reduction of the I(2) wage and price variables. Moreover, some insights on regional (North‐South) unemployment effects are pointed out and discussed.

Suggested Citation

  • Bruno Chiarini & Paolo Piselli, 1997. "Wage Setting, Wage Curve and Phillips Curve: The Italian evidence," Scottish Journal of Political Economy, Scottish Economic Society, vol. 44(5), pages 544-565, November.
  • Handle: RePEc:bla:scotjp:v:44:y:1997:i:5:p:544-565
    DOI: 10.1111/1467-9485.00074
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    File URL: https://doi.org/10.1111/1467-9485.00074
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