The oil crises: The reason for Finnish stagflation
In this article Michael Bruno and Jeffrey Sachs' theOrY of stagflation in the 1970's is evaluated with regard to Finland. They argue that a rise in the price of energy and raw materials together with real wage rigidity caused profit rates and demand for labour to fall. Theoretical and empirical arguments concerning the validity of Bruno and Sachs' theory are dealt with. The results of a wage equation study show some negative response in real wages when the price of materials rises.
Volume (Year): 2 (1989)
Issue (Month): 2 (Autumn)
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- Gray, Jo Anna, 1976. "Wage indexation: A macroeconomic approach," Journal of Monetary Economics, Elsevier, vol. 2(2), pages 221-235, April.
- Sargan, John Denis & Bhargava, Alok, 1983. "Testing Residuals from Least Squares Regression for Being Generated by the Gaussian Random Walk," Econometrica, Econometric Society, vol. 51(1), pages 153-74, January.
- Engle, Robert F. & Yoo, Byung Sam, 1987. "Forecasting and testing in co-integrated systems," Journal of Econometrics, Elsevier, vol. 35(1), pages 143-159, May.
- Oswald, Andrew J, 1985. " The Economic Theory of Trade Unions: An Introductory Survey," Scandinavian Journal of Economics, Wiley Blackwell, vol. 87(2), pages 160-93.
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