Modelling shifts in the wage-price and unemployment-inflation relationships in Italy, Poland, and the UK

Massimiliano Marcellino and Grayham Mizon

No 145, Working Papers from IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University

Abstract: 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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Journal Article: Modelling shifts in the wage-price and unemployment-inflation relationships in Italy, Poland and the UK (2000)
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