03682nam 2200637 450 991046361510332120170821160730.01-4623-2148-81-4527-5714-31-4518-7101-51-282-84194-79786612841941(CKB)3170000000055139(EBL)1608054(SSID)ssj0001488360(PQKBManifestationID)11920041(PQKBTitleCode)TC0001488360(PQKBWorkID)11444467(PQKB)10303281(OCoLC)762356662(MiAaPQ)EBC1608054(EXLCZ)99317000000005513920140226h20082008 uy 0engur|n|---|||||txtccrWage-price setting in new EU member states /Manuela Goretti ; authorized for distribution by Albert Jaeger[Washington, District of Columbia] :International Monetary Fund,2008.©20081 online resource (26 p.)IMF Working PapersIMF working paper ;WP/08/243Description based upon print version of record.1-4519-1554-3 Includes bibliographical references.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 Estimation3. 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; ReferencesThis 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 factIMF Working PapersWagesEurope, EasternEconometric modelsPricesEurope, EasternEconometric modelsElectronic books.WagesEconometric models.PricesEconometric models.331.2947Goretti Manuela919479Jaeger Albert919480MiAaPQMiAaPQMiAaPQBOOK9910463615103321Wage-price setting in new EU member states2062329UNINA