haku: @journal_id 686 / yhteensä: 70
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| Tekijä: | Osiewalski, J. Welfe, A. |
| Otsikko: | The price-wage mechanism in Poland: an endogenous switching model |
| Lehti: | Economics of Planning
1997 : VOL. 30:2/3, p. 205-220 |
| Asiasana: | POLAND PRICES PAY |
| Kieli: | eng |
| Tiivistelmä: | This paper proposes a two-equation price-wage model that enables to test whether the inflationary pressure on wage rate is only present when the rate of inflation is greater than some threshold value. Since the likelihood function for this model is very nonstandard, the authors develop a small-sample Bayesian approach to estimate its parameters. The authors' empirical results for Poland, 1962-1993, give support to the hypothesis of the price-wage spiral with a positive threshold value of inflation. |
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