Real Wages in the Manufacturing Industry in Macedonia: The Role of Macroeconomic Factors, with reference to recession times
In this paper we analyze the determinants of real wages in Macedonia’s manufacturing sector. We emphasize the macroeconomic aspects involved, and use econometric panel data techniques to model the behaviour of real wages for the period 2005:1-2010:12, using monthly data. In the study we found non-negligible persistence of real wages, which reduces in the recession period. We further find a role for prices, real exchange rate and the tariff index in determining real wages.
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