Real and nominal wage adjustment in open economies

Arbeitspapier

How are wages set in an open economy? What role is played by demand pressure, international competition, and structural factors in the labour market? How important is nominal wage rigidity and exchange rate policy for the evolution of real wages and competitiveness? To answer these questions, we formulate a theoretical model of wage bargaining in an open economy and use it to derive a simple wage equation where all parameters have clear economic interpretations. We estimate the wage equation on data for aggregate manufacturing wages in Denmark, Finland, Norway, and Sweden from the mid 1960s to the mid 1990s.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CESifo Working Paper ; No. 1649

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Wage Level and Structure; Wage Differentials ; Open Economy Macroeconomics ; International Monetary Arrangements and Institutions ; Monetary Policy ; Unemployment: Models, Duration, Incidence, and Job Search ; Labor Turnover; Vacancies; Layoffs ; Trade Unions: Objectives, Structure, and Effects
• Thema: wage formation ; efficiency wage ; turnover ; bargaining ; rent sharing ; nominal wage rigidity ; exchange rate policy ; competitiveness ; Offene Volkswirtschaft ; Reallohn ; Lohnbildung ; Lohnrigidität ; Verhandlungsmacht ; Gewerkschaft ; Wechselkurs ; Schätzung ; Nordeuropa

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Forslund, Anders ; Gottfries, Nils ; Westermark, Andreas
• Ereignis: Veröffentlichung
• (wer): Center for Economic Studies and ifo Institute (CESifo)
• (wo): Munich
• (wann): 2006

Weitere Informationen

• Handle: http://hdl.handle.net/10419/19113
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ