Sectoral wage and price formation and working time in Germany: An econometric analysis

Wolfgang Franz and Werner Smolny

No 5, Discussion Papers from University of Konstanz, Center for International Labor Economics (CILE)

Abstract: In this paper a variety of theories concerning the wage and price formation in Germany are tested. More specifically, wage and price equations are specified in a fairly general manner which nests several theoretical arguments (such as the target real wage bargaining model, hysteresis effects, outsider ineffectiveness, interindustry wage competition) and a perceived tradeoff between reductions in working time and wage increases. Related arguments hold for the price setting process. Recently developed econometric techniques such as error correction models are applied.

JEL-codes: J31 (search for similar items in EconPapers)
Date: 1993
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Citations: View citations in EconPapers (3)

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