Cointegration and Structure in Norwegian Wage–Price Dynamics

Wage coordination plays an important role in macroeconomic stabilization. Pattern wage bargaining systems have been common in Europe, but in different forms, and with different degrees of success in terms of actual coordination reached. We focus on wage formation in Norway, a small open economy, whe...

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Main Authors:	Marit Gjelsvik, Ragnar Nymoen, Victoria Sparrman
Format:	Article
Language:	English
Published:	MDPI AG 2020-07-01
Series:	Econometrics
Subjects:	cointegration error-correcting adjustment estimation and hypothesis testing in cointegrated models rent-sharing in wage formation pattern wage bargaining inflation targeting
Online Access:	https://www.mdpi.com/2225-1146/8/3/29

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spelling	doaj-ffcd3d9f289944529140a5dcab29d0362020-11-25T02:50:48ZengMDPI AGEconometrics2225-11462020-07-018292910.3390/econometrics8030029Cointegration and Structure in Norwegian Wage–Price DynamicsMarit Gjelsvik0Ragnar Nymoen1Victoria Sparrman2Statistics Norway, Research Department, Postboks 2633 St.Hanshaugen, NO-0131 Oslo, NorwayDepartment of Economics, University of Oslo, Postboks 1095 Blindern, NO-0317 Oslo, NorwayStatistics Norway, Research Department, Postboks 2633 St.Hanshaugen, NO-0131 Oslo, NorwayWage coordination plays an important role in macroeconomic stabilization. Pattern wage bargaining systems have been common in Europe, but in different forms, and with different degrees of success in terms of actual coordination reached. We focus on wage formation in Norway, a small open economy, where it is custom to regard the manufacturing industry as the wage leader. We estimate a model of wage formation in manufacturing and in two other sectors. Deciding cointegration rank is an important step in the analysis, economically as well statistically. In combination with simultaneous equation modelling, the cointegration analysis provides evidence that collective wage negotiations in manufacturing have defined wage norms for the rest of the economy over the period 1980(1)–2014(4).https://www.mdpi.com/2225-1146/8/3/29cointegrationerror-correcting adjustmentestimation and hypothesis testing in cointegrated modelsrent-sharing in wage formationpattern wage bargaininginflation targeting
collection	DOAJ
language	English
format	Article
sources	DOAJ
author	Marit Gjelsvik Ragnar Nymoen Victoria Sparrman
spellingShingle	Marit Gjelsvik Ragnar Nymoen Victoria Sparrman Cointegration and Structure in Norwegian Wage–Price Dynamics Econometrics cointegration error-correcting adjustment estimation and hypothesis testing in cointegrated models rent-sharing in wage formation pattern wage bargaining inflation targeting
author_facet	Marit Gjelsvik Ragnar Nymoen Victoria Sparrman
author_sort	Marit Gjelsvik
title	Cointegration and Structure in Norwegian Wage–Price Dynamics
title_short	Cointegration and Structure in Norwegian Wage–Price Dynamics
title_full	Cointegration and Structure in Norwegian Wage–Price Dynamics
title_fullStr	Cointegration and Structure in Norwegian Wage–Price Dynamics
title_full_unstemmed	Cointegration and Structure in Norwegian Wage–Price Dynamics
title_sort	cointegration and structure in norwegian wage–price dynamics
publisher	MDPI AG
series	Econometrics
issn	2225-1146
publishDate	2020-07-01
description	Wage coordination plays an important role in macroeconomic stabilization. Pattern wage bargaining systems have been common in Europe, but in different forms, and with different degrees of success in terms of actual coordination reached. We focus on wage formation in Norway, a small open economy, where it is custom to regard the manufacturing industry as the wage leader. We estimate a model of wage formation in manufacturing and in two other sectors. Deciding cointegration rank is an important step in the analysis, economically as well statistically. In combination with simultaneous equation modelling, the cointegration analysis provides evidence that collective wage negotiations in manufacturing have defined wage norms for the rest of the economy over the period 1980(1)–2014(4).
topic	cointegration error-correcting adjustment estimation and hypothesis testing in cointegrated models rent-sharing in wage formation pattern wage bargaining inflation targeting
url	https://www.mdpi.com/2225-1146/8/3/29
work_keys_str_mv	AT maritgjelsvik cointegrationandstructureinnorwegianwagepricedynamics AT ragnarnymoen cointegrationandstructureinnorwegianwagepricedynamics AT victoriasparrman cointegrationandstructureinnorwegianwagepricedynamics
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Cointegration and Structure in Norwegian Wage–Price Dynamics

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