LEADER 04839oam 22010094 450 001 9910788343503321 005 20230721045635.0 010 $a1-4623-2148-8 010 $a1-4527-5714-3 010 $a1-4518-7101-5 010 $a1-282-84194-7 010 $a9786612841941 035 $a(CKB)3170000000055139 035 $a(EBL)1608054 035 $a(SSID)ssj0001488360 035 $a(PQKBManifestationID)11920041 035 $a(PQKBTitleCode)TC0001488360 035 $a(PQKBWorkID)11444467 035 $a(PQKB)10303281 035 $a(OCoLC)762356662 035 $a(MiAaPQ)EBC1608054 035 $a(IMF)WPIEE2008243 035 $a(EXLCZ)993170000000055139 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aWage-Price Setting in New EU Member States /$fManuela Goretti 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (26 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/243 300 $aDescription based upon print version of record. 311 $a1-4519-1554-3 320 $aIncludes bibliographical references. 327 $aContents; 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 327 $a3. 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 330 3 $aThis paper analyzes wage- and price-setting relations in new EU member countries. Panel estimates indicate a strong and significant relationship between real wages and labor productivity, as well as evidence of wage pass-through to inflation. Terms of trade shocks do not feed through to real wages. Country-specific wage developments, beyond differences in labor productivity growth, are mostly explained by real wage catch-up from different initial levels and different labor market conditions. Qualitative evidence also suggests that public sector wage demonstration effects and institutional factors may play a role in wage determination. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/243 606 $aWages$zEurope, Eastern$xEconometric models 606 $aPrices$zEurope, Eastern$xEconometric models 606 $aLabor$2imf 606 $aProduction and Operations Management$2imf 606 $aWages, Compensation, and Labor Costs: General$2imf 606 $aDemand and Supply of Labor: General$2imf 606 $aHuman Capital$2imf 606 $aSkills$2imf 606 $aOccupational Choice$2imf 606 $aLabor Productivity$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aMacroeconomics$2imf 606 $aReal wages$2imf 606 $aLabor markets$2imf 606 $aWages$2imf 606 $aLabor productivity$2imf 606 $aLabor costs$2imf 606 $aLabor market$2imf 607 $aRomania$2imf 615 0$aWages$xEconometric models. 615 0$aPrices$xEconometric models. 615 7$aLabor 615 7$aProduction and Operations Management 615 7$aWages, Compensation, and Labor Costs: General 615 7$aDemand and Supply of Labor: General 615 7$aHuman Capital 615 7$aSkills 615 7$aOccupational Choice 615 7$aLabor Productivity 615 7$aLabour 615 7$aincome economics 615 7$aMacroeconomics 615 7$aReal wages 615 7$aLabor markets 615 7$aWages 615 7$aLabor productivity 615 7$aLabor costs 615 7$aLabor market 676 $a331.2947 700 $aGoretti$b Manuela$01493486 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788343503321 996 $aWage-Price Setting in New EU Member States$93716486 997 $aUNINA