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A time series analysis of wages in deregulated industries: A study of motor carriage and rail

Using time series techniques, we contrast the impact of deregulation in trucking and rail labor markets. During regulation both labor markets were characterized by wages considerab y higher than manufacturing wages. In fact, trucking and rail wages had a stable, deterministic relationship prior to deregulation. After deregulation, however, the mean trucking wages fell considerably, approaching manufacturing wages, while rail wages remained relatively constant. We also find that deregulation’s negative impact on trucking wages was nondiscrete and occurred primarily between 1980 and 1984.

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File URL: http://www.cema.edu.ar/publicaciones/download/volume9/monaco.pdf
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Article provided by Universidad del CEMA in its journal Journal of Applied Economics.

Volume (Year): IX (2006)
Issue (Month): (May)
Pages: 105-118

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Handle: RePEc:cem:jaecon:v:9:y:2006:n:1:p:105-118
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  1. Yin-Wong Cheung & Menzie Chinn, 1995. "Deterministic, stochastic and segmented trends in aggregate output: A cross-country analysis," Macroeconomics 9508005, EconWPA.
  2. Kwiatkowski, Denis & Phillips, Peter C. B. & Schmidt, Peter & Shin, Yongcheol, 1992. "Testing the null hypothesis of stationarity against the alternative of a unit root : How sure are we that economic time series have a unit root?," Journal of Econometrics, Elsevier, vol. 54(1-3), pages 159-178.
  3. Hirsch, Barry T, 1993. "Trucking Deregulation and Labor Earnings: Is the Union Premium a Compensating Differential?," Journal of Labor Economics, University of Chicago Press, vol. 11(2), pages 279-301, April.
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  5. James M. MacDonald & Linda Cavalluzzo, 1996. "Railroad deregulation: Pricing reforms, shipper responses, and the effects on labor," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 50(1), pages 80-91, October.
  6. Borjas, G.J. & Freeman, R.B. & Katz, L.F., 1991. "On The Labor Market Effects Of Immigration And Trade," Harvard Institute of Economic Research Working Papers 1556, Harvard - Institute of Economic Research.
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  9. Peter C.B. Phillips, 1985. "Understanding Spurious Regressions in Econometrics," Cowles Foundation Discussion Papers 757, Cowles Foundation for Research in Economics, Yale University.
  10. Ellig, Jerry, 2002. "Railroad Deregulation and Consumer Welfare," Journal of Regulatory Economics, Springer, vol. 21(2), pages 143-67, March.
  11. Revenga, Ana L, 1992. "Exporting Jobs? The Impact of Import Competition on Employment and Wages in U.S. Manufacturing," The Quarterly Journal of Economics, MIT Press, vol. 107(1), pages 255-84, February.
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