The Price-Wage Mechanism in Poland: An Endogenous Switching Model

被引：0
|
作者：
Jacek Osiewalski
Aleksander Welfe
机构：
[1] Academy of Economics,Department of Econometrics
[2] University of Lódź,Institute of Econometrics and Statistics, Department of Forecasts and Simulation Analyses
来源：
Economics of Planning | 1997年 / 30卷
关键词：
Wage Rate; Average Wage; High Posterior Density; Error Correction Term; Positive Threshold;
D O I：
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学科分类号：
摘要：
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, we develop a small-sample Bayesian approach to estimate its parameters. Our 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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页码：205 / 220
页数：15
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