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A Wage Curve for the Interwar Labour Market: Evidence from a Panel of Norwegian Manufacturing Industries

  • Gunnar Bårdsen


    (Department of Economics, Norwegian University of Science and Technology)

  • Jurgen Doornik

    (Nuffield College, Oxford)

  • Jan Tore Klovland


    (Department of Economics, Norwegian School of Economics and Business Administration)

We present an econometric analysis of wage behaviour in Norway during the interwar years. Applying GMM estimation methods to a newly constructed panel of manufacturing industry data, we find that the interwar years do not seem to be such an anomalous time period as has been suggested with respect to wage behaviour. We estimate a long-run wage curve that has all the modern features of being homogeneous in prices, proportional to productivity, and having an unemployment elasticity of -0.1. We also present some new Monte Carlo evidence on the properties of the estimators used.

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Paper provided by Department of Economics, Norwegian University of Science and Technology in its series Working Paper Series with number 1802.

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Length: 15 pages
Date of creation: 15 May 2000
Date of revision: 15 Apr 2001
Handle: RePEc:nst:samfok:1802
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  1. Wulfsberg, F., 1995. "An Application of Wage Bargaining Models to Norwegian Panel Data," Memorandum 29/1995, Oslo University, Department of Economics.
  2. Blundell, Richard & Bond, Stephen, 1998. "Initial conditions and moment restrictions in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
  3. Ben S. Bernanke & James Powell, 1986. "The Cyclical Behavior of Industrial Labor Markets: A Comparison of the Prewar and Postwar Eras," NBER Chapters, in: The American Business Cycle: Continuity and Change, pages 583-638 National Bureau of Economic Research, Inc.
  4. Hatton, T J, 1988. "A Quarterly Model of the Labour Market in Interwar Britain," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 50(1), pages 1-25, February.
  5. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  6. Bardsen, Gunnar, 1989. "Estimation of Long Run Coefficients in Error Correction Models," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 51(3), pages 345-50, August.
  7. Blanchflower, D. & Oswald, A., 1989. "The Wage Curve," Papers 340, London School of Economics - Centre for Labour Economics.
  8. Broadberry, S N, 1986. "Aggregate Supply in Interwar Britain," Economic Journal, Royal Economic Society, vol. 96(382), pages 467-81, June.
  9. Johansen, Kare, 1995. "Norwegian Wage Curves," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 57(2), pages 229-47, May.
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