Wage Setting, Wage Curve and Phillips Curve: The Italian Evidence
The purpose of this paper is to investigate some issues of wage setting in order to assess if nominal inertia and wage flexibility characterize the Italian supply side, using multivariate cointegration models. The authors' estimates indicate that an explicit distinction between stationary and nonstationary variables and a joint analysis of long-run and short-run structure is crucial for achieving clearer results. To this end, they 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. Copyright 1997 by Scottish Economic Society.
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Volume (Year): 44 (1997)
Issue (Month): 5 (November)
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