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Wage Formation And Employment In A Cointegrated VAR Model
Petursson, Thorarinn G.
Article from Journal - ilmiah internasional
The Econometrics Journal vol. 4 no. 2 (2001)
Over-identifying cointegrating restrictions
This paper uses a general equilibrium, monopolistic competition model of wage bargaining between trade unions and firms to derive two steady state relations which are estimated within a cointegrated VAR framework using quarterly Danish data. The first cointegrating relation is the marginal productivity condition for labour, derived from profit maximization of firms who face a downward sloping demand curve for their product. The second cointegrating relation is a real wage relation, derived from the bargaining between trade unions and firms over wages, in the right-to-manage manner. The theoretical model is not rejected and the model displays parameter constancy throughout the estimation period and is able to forecast out-of-sample.
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