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Long-run relations between private and public sector wages in Sweden (1994)

Jacobson, Tor ; Ohlsson, Henry

Springer

Empirical economics 19 (1994), S. 343-360

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ISSN: 1435-8921

Keywords: C32 ; E24 ; J31

Source: Springer Online Journal Archives 1860-2000

Topics: Economics

Notes: Abstract Using a maximum likelihood cointegration approach we find two long-run relationships between central government, local government, and private sector wages in Sweden. This means that there is one common trend for the three sectoral wages. Private sector wages are weakly exogenous for the estimation of the long-run relationships. This suggests that the private sector is the wage leader. Testing linear restrictions on the estimated cointegrating space, we reject stationarity for the three relative wages using likelihood ratio-tests. The hypotheses of homogeneity for the two cointegrating vectors, i.e., that wages do not diverge in the long run, is also rejected.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1007/BF01205942

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