Small system modelling of real wages, inflation, unemployment and output per capita in Italy 1970-1994
Small system modelling of real wages, inflation, unemployment and output per capita in Italy 1970-1994
The relationships between real wages, output per capita, inflation and unemployment in Italy between 1970 and 1994 are modelled using a cointegrated vector autoregression. There is evidence of a change in the underlying equilibria and in the dynamic evolution of the variables, probably associated with the substantial changes in many sectors of the Italian economy after 1979. Alternative ways to model structural change in the Italian labour market are considered. In adopting a split-sample approach the results favour an hysteresis interpretation of unemployment
359-370
Marcellino, Massimiliano
7eabfbac-19e9-47e0-9db5-e29cb4b134ba
Mizon, Grayham E.
2b8353b4-0af4-48db-b552-6867dc1f4583
2001
Marcellino, Massimiliano
7eabfbac-19e9-47e0-9db5-e29cb4b134ba
Mizon, Grayham E.
2b8353b4-0af4-48db-b552-6867dc1f4583
Marcellino, Massimiliano and Mizon, Grayham E.
(2001)
Small system modelling of real wages, inflation, unemployment and output per capita in Italy 1970-1994.
Journal of Applied Econometrics, 16 (3), .
(doi:10.1002/jae.610).
Abstract
The relationships between real wages, output per capita, inflation and unemployment in Italy between 1970 and 1994 are modelled using a cointegrated vector autoregression. There is evidence of a change in the underlying equilibria and in the dynamic evolution of the variables, probably associated with the substantial changes in many sectors of the Italian economy after 1979. Alternative ways to model structural change in the Italian labour market are considered. In adopting a split-sample approach the results favour an hysteresis interpretation of unemployment
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Published date: 2001
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Local EPrints ID: 35031
URI: http://eprints.soton.ac.uk/id/eprint/35031
ISSN: 0883-7252
PURE UUID: 546c1f8f-483c-4846-8396-238c736ed1cc
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Date deposited: 19 May 2006
Last modified: 15 Mar 2024 07:50
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Author:
Massimiliano Marcellino
Author:
Grayham E. Mizon
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