Marcellino, M. and Mizon, G.E.
Modelling shifts in the wage-price and unemployment-inflation relationships in Italy, Poland, and the UK , Southampton, UK University of Southampton
(Discussion Papers in Economics and Econometrics, (doi:10.1016/S0264-9993(99)00045-0) , 9917).
The relationship between wages, prices, productivity, inflation and unemployment in Italy, Poland, and the UK between the 1960s and the early 1990s 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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