05058oam 22011054 450 991097075230332120250426110137.0978661284194197814623214831462321488978145275714814527571439781451871012145187101597812828419491282841947(CKB)3170000000055139(EBL)1608054(SSID)ssj0001488360(PQKBManifestationID)11920041(PQKBTitleCode)TC0001488360(PQKBWorkID)11444467(PQKB)10303281(OCoLC)762356662(MiAaPQ)EBC1608054(IMF)WPIEE2008243(IMF)WPIEA2008243WPIEA2008243(EXLCZ)99317000000005513920020129d2008 uf 0engur|n|---|||||txtccrWage-Price Setting in New EU Member States /Manuela Goretti1st ed.Washington, 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.9781451915549 1451915543 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 modelsDemand and Supply of Labor: GeneralimfHuman CapitalimfIncome economicsimfLabor costsimfLabor marketimfLabor marketsimfLabor ProductivityimfLabor productivityimfLaborimfLabourimfMacroeconomicsimfOccupational ChoiceimfProduction and Operations ManagementimfReal wagesimfSkillsimfWagesimfWages, Compensation, and Labor Costs: GeneralimfRomaniaimfWagesEconometric models.PricesEconometric models.Demand and Supply of Labor: GeneralHuman CapitalIncome economicsLabor costsLabor marketLabor marketsLabor ProductivityLabor productivityLaborLabourMacroeconomicsOccupational ChoiceProduction and Operations ManagementReal wagesSkillsWagesWages, Compensation, and Labor Costs: General331.2947Goretti Manuela1815872DcWaIMFBOOK9910970752303321Wage-Price Setting in New EU Member States4371476UNINA