Marcellino, Massimiliano and Mizon, Grayham E.
Modelling Shifts in the Wage- Price and Inflation-Unemployment Relationships in Italy, Poland, and the UK
Economic Modelling, 17, (3), . (doi:10.1016/S0264-9993(99)00045-0).
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The relationship between wages, prices, productivity, inflation, and unemployment in Italy, Poland, and the UK between the 1960’s and the early 1990’s 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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