Wage setting, taxes and demand for labour: Multivariate analysis of the cointegration relations

Timo Tyrväinen

No 22/1992, Bank of Finland Research Discussion Papers from Bank of Finland

Abstract: As an outcome of modelling wage setting and demand for labour in a bargaining framework, a lO-dimensional vector space is defined. This overparametrized system is reduced by means of conditioning. Structural restrictions which identify the long-run relations of interest are specified. The restrictions which characterize wage setting and labour demand schedules are imposed and tested first separately and then jointly.

Date: 1992
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