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| Author: | Bårdsen, G. Doornik, J.A. Klovland, J.T. |
| Title: | Wage formation and bargaining power during the Great Depression |
| Journal: | Scandinavian Journal of Economics
2010 : VOL. 112:1, p. 211-233 |
| Index terms: | history wage determination pay bargaining panel data econometrics models Scandinavia Nordic countries Norway |
| Language: | eng |
| Abstract: | This paper presents an econometric analysis of wage behaviour in Norway during the interwar (here as: i-w.) years. Based on a panel of manufacturing industry data using GMM estimation methods, the empirical analysis shows that wage formation in the i-w. period can be understood with the help of modern bargaining theory and well-established wage equations. Estimated is a long-run wage curve with all the standard features of being homogeneous in prices, proportional to productivity, and with a negative unemployment elasticity. In addition, some new Monte Carlo evidence is presented on the properties of the used estimators. |
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