04839oam 22010094 450 991078834350332120230721045635.01-4623-2148-81-4527-5714-31-4518-7101-51-282-84194-79786612841941(CKB)3170000000055139(EBL)1608054(SSID)ssj0001488360(PQKBManifestationID)11920041(PQKBTitleCode)TC0001488360(PQKBWorkID)11444467(PQKB)10303281(OCoLC)762356662(MiAaPQ)EBC1608054(IMF)WPIEE2008243(EXLCZ)99317000000005513920020129d2008 uf 0engur|n|---|||||txtccrWage-Price Setting in New EU Member States /Manuela GorettiWashington, D.C. :International Monetary Fund,2008.1 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 factors may play a role in wage determination.IMF Working Papers; Working Paper ;No. 2008/243WagesEurope, EasternEconometric modelsPricesEurope, EasternEconometric modelsLaborimfProduction and Operations ManagementimfWages, Compensation, and Labor Costs: GeneralimfDemand and Supply of Labor: GeneralimfHuman CapitalimfSkillsimfOccupational ChoiceimfLabor ProductivityimfLabourimfincome economicsimfMacroeconomicsimfReal wagesimfLabor marketsimfWagesimfLabor productivityimfLabor costsimfLabor marketimfRomaniaimfWagesEconometric models.PricesEconometric models.LaborProduction and Operations ManagementWages, Compensation, and Labor Costs: GeneralDemand and Supply of Labor: GeneralHuman CapitalSkillsOccupational ChoiceLabor ProductivityLabourincome economicsMacroeconomicsReal wagesLabor marketsWagesLabor productivityLabor costsLabor market331.2947Goretti Manuela1493486DcWaIMFBOOK9910788343503321Wage-Price Setting in New EU Member States3716486UNINA