A European-type wage equation from an American-style labor market: Evidence from a panel of Norwegian manufacturing industries in the 1930s

Gunnar Bårdsen, Jurgen Doornik and Jan Tore Klovland
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Jan Tore Klovland: Norwegian School of Economics and Business Administration, Bergen

No 2004/4, Working Paper from Norges Bank

Abstract: Using a newly constructed panel of manufacturing industry data for interwar Norway, we estimate a long-run wage curve for the 1930s that has all the modern features of being homogeneous in prices, proportional to productivity, and having an unemployment elasticity of -0.1. This result is more typical of contemporary European than U.S. wage equations, even if the labour market in interwar Norway possessed distinctively more ‘American’ features than those associated with present-day European welfare states. We also present some new Monte Carlo evidence on the properties of the estimators used.

Keywords: wages; depression; panel data; dynamics (search for similar items in EconPapers)
JEL-codes: E24 N24 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2004-03-20
New Economics Papers: this item is included in nep-his
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Citations: View citations in EconPapers (1)

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Working Paper: A European-type wage equation from an American-style labor market: Evidence from a panel of Norwegian manufacturing industries in the 1930s (2004)
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