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Cointegration Tests of the Profit-maximising Equilibrium in Greek Manufacturing 1958-1991

Author

Listed:
  • Theodore Lianos
  • Stilianos Fountas

    (Department of Economics, National University of Ireland, Galway)

Abstract

This paper applies the recently developed cointegration techniques to test for a long-run equilibrium among real wages and the average productivity of labour as implied by profit maximisation in the Greek manufacturing sector. We find evidence for a profit-maximising equilibrium and for adjustment towards this long-run equilibrium through nominal wages and labour productivity. We have also provided an estimate of the elasticity of substitution of 0.23 which is consistent with that of other studies using alternative approaches.

Suggested Citation

  • Theodore Lianos & Stilianos Fountas, 1997. "Cointegration Tests of the Profit-maximising Equilibrium in Greek Manufacturing 1958-1991," Working Papers 14, National University of Ireland Galway, Department of Economics, revised 1997.
    • Handle: RePEc:nig:wpaper:00014
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    File URL: http://www.economics.nuig.ie/resrch/paper.php?pid=18
    File Function: First version, 1997
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    File URL: http://www.economics.nuig.ie/resrch/paper.php?pid=18
    File Function: Revised version, 1997
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    More about this item

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory

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