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Record Nr. |
UNINA9910827081403321 |
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Autore |
Goretti Manuela |
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Titolo |
Wage-Price Setting in New EU Member States / / Manuela Goretti |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2008 |
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ISBN |
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1-4623-2148-8 |
1-4527-5714-3 |
1-4518-7101-5 |
1-282-84194-7 |
9786612841941 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (26 p.) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/08/243 |
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Disciplina |
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Soggetti |
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Wages - Europe, Eastern - Econometric models |
Prices - Europe, Eastern - Econometric models |
Labor |
Production and Operations Management |
Wages, Compensation, and Labor Costs: General |
Demand and Supply of Labor: General |
Human Capital |
Skills |
Occupational Choice |
Labor Productivity |
Labour |
income economics |
Macroeconomics |
Real wages |
Labor markets |
Wages |
Labor productivity |
Labor costs |
Labor market |
Romania |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Background; II. Wage- and Price-Setting Relations; III. Additional Considerations; Figures; 1. NMS: Relationship Between GDP and Private Consumption Deflator, 2000-07; IV. Stylized Facts on NMS; 2. NMS: Real Wages and Labor Productivity, 2001-07; 3. NMS: Nominal Wages and Labor Productivity, 2001-07; 4. NMS: Labor Force Developments, 2001-07; Tables; 1. NMS: Index of Competition Policy, 2001-07; 5. NMS: Unit Labor Costs and Consumer Price Inflation, 2001-07; V. Empirical Wage- and Price-Setting Equations; VI. Econometric Results; 2. EU-27: Long-Run Wage Equation Estimation |
3. EU-27: Wage Error Correction Model Estimation4. EU-27: Long-Run Price Equation Estimation; 5. EU-27: Price Error Correction Model Estimation; VII. Wage-Setting Variation Across NMS: Public Sector and Institutional Characteristics; 6. How Far Are Real Wages in NMS away from Equilibrium?; 7. NMS: Nominal Wage and Employment Growth in the Public Sector; 8. NMS: Excess Demand of Skilled Workers, 2004-06; 9. NMS: Union Density and Collective Bargaining; 6. NMS: Labor Flexibility, 2008; 10. NMS: Selected Labor Market Indicators, 2004-06; VIII. Conclusions; References |
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Sommario/riassunto |
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This paper analyzes wage- and price-setting relations in new EU member countries. Panel estimates indicate a strong and significant relationship between real wages and labor productivity, as well as evidence of wage pass-through to inflation. Terms of trade shocks do not feed through to real wages. Country-specific wage developments, beyond differences in labor productivity growth, are mostly explained by real wage catch-up from different initial levels and different labor market conditions. Qualitative evidence also suggests that public sector wage demonstration effects and institutional factors may play a role in wage determination. |
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