Search results for "Real wages"
showing 6 items of 6 documents
Real wages-employment relationship in Finnish manufacturing: a VAR approach
1991
Granger's concept of causality and the vector autoregressive(VAR) technique is used to investigate the real wages-employment relationship in Finnish manufacturing. The stationarity of the time series is examined and a number of co-integration tests for the adequacy of a pure VAR specification performed. The results using a bivariate VAR model based on a lag structure determined by Akaike's information criterion suggests that real wages Granger-cause employment. The slight non-constancy of the model suggests, however, that the conclusion concerning the nature of the real wages-emploment relationship should be treated with causion.
Population Growth and Manufacturing Real Wages in 18th Century England: A Spatial Perspective
2004
We develop a two-region population growth model of economic geography and show that a process of urbanization has a substantial impact on the evolution of manufacturing real wages. Whereas real wages decline as the population increases when the spatial structure of the economy is fixed, they actually rise in the long-run when factors are mobile. Agglomeration may hence be seen as a rational response to declining real wages and provides a new explanation of why manufacturing real wages did not decline prior to the Industrial Revolution in England, despite a historically unprecedented population growth.
Wages and prices in early Catalan industrialisation
2014
Catalonia was the only Mediterranean region among the early followers of the British Industrial Revolution in the second third of the nineteenth century. The roots of this industrialisation process can be traced back to the seventeenth and eighteenth centuries when the Catalan economy became successfully integrated in international trade and the region enjoyed an intensification of its agrarian and proto-industrial activities. These capitalist developments were subsequently reinforced by a successful printed calico manufacturing business concentrated in the city of Barcelona. Although the factory system was largely adopted by the cotton industry in the 1840s, the diffusion of the spinning j…
Fairness Considerations in Labor Union Wage Setting : A Theoretical Analysis
2012
We consider a theoretical model in which unions not only take the outside option into account, but also base their wage-setting decisions on an internal reference, called the fairness reference. Wage and employment outcomes and the shape of the aggregate wage-setting curve depend on the weight and the size of the fairness reference relative to the outside option. If the fairness reference is relatively high compared to the outside option, higher wages and lower employment than in the standard model will prevail. If hit by an adverse technology shock, the economy will then react with a stronger downward adjustment in employment, whereas real wages are more rigid than in the standard model. W…
Wages and productivity growth in the Nordic countries
1995
Abstract The study examines growth in productivity and real wages in four Nordic countries, viz. Denmark, Finland, Norway and Sweden, thus extending Gordon's (1987) analysis concentrating on the U.S., Japan and Europe. The results confirm certain key findings of Gordon's (1987) study. In particular, the cyclically adjusted measures of productivity growth confirm the slowdown in productivity growth in the mid-1970s. Gordon's finding that there are considerable differences across the different sectors of the economy is similarly supported. As far as country-specific development in productivity growth is concerned, the results imply that there are considerable inter-country differences which G…
Wages, prices, and technology in early Catalan industrialization
2015
Catalonia was the only Mediterranean region among the early followers of the British industrial revolution. The roots of this process can be traced back to the seventeenth and eighteenth centuries when the Catalan economy became integrated into international trade, and a successful printed calico industry concentrated in the city of Barcelona. Although the factory system was largely adopted by the cotton industry in the 1840s, the diffusion of the spinning jenny in Catalonia had occurred earlier, in the 1790s. In line with Allen, this article explores whether relative factor prices played a role in the widespread adoption of the spinning jenny in Catalonia. First, series of real wages in Ba…