Wage-Price Setting in New EU Member States /

This 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....

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Bibliografische gegevens
Hoofdauteur: Goretti, Manuela
Formaat: Tijdschrift
Taal:English
Gepubliceerd in: Washington, D.C. : International Monetary Fund, 2008.
Reeks:IMF Working Papers; Working Paper ; No. 2008/243
Online toegang:Full text available on IMF
Omschrijving
Samenvatting:This 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.
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Fysieke beschrijving:1 online resource (24 pages)
Formaat:Mode of access: Internet
ISSN:1018-5941
Toegang:Electronic access restricted to authorized BRAC University faculty, staff and students