Modelling Shifts in the Wage-Price and Unemployment-Inflation Relationships in Italy, Poland and the Uk
Title: Modelling Shifts in the Wage-Price and Unemployment-Inflation Relationships in Italy, Poland and the Uk
Citation: Economic Modelling, 2000, 17, 3, 387-413
The relationship between wages, prices, productivity, inflation and unemployment in Italy, Poland, and the UK between the 1960s and the early 1990s is modelled as a cointegrated vector autoregression subject to regime shifts. For each of these economies there is clear evidence of a change in the underlying equilibria of this sector of the economy. Hypotheses concerning the similarity of the transition from a rigid to a flexible labour market are tested.
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