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Wage Contracts and the Unit Root Hypothesis

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  • Louis Phaneuf

Abstract

A model in which nominal wages are set by contracts that have cost-of-living objectives is likely to be consistent with the evidence of a unit root in the real GNP process of many countries. Values of the autoregressive root in the GNP process are calculated numerically for many countries using evidence available on the conduct of monetary policy and on the determination of inflation.

Suggested Citation

  • Louis Phaneuf, 1990. "Wage Contracts and the Unit Root Hypothesis," Canadian Journal of Economics, Canadian Economics Association, vol. 23(3), pages 580-592, August.
    • Handle: RePEc:cje:issued:v:23:y:1990:i:3:p:580-92
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    Citations

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    Cited by:

    1. Ambler, Steven & Cardia, Emanuela & Phaneuf, Louis, 1992. "Contrats de salaire, croissance endogène et fluctuations," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(1), pages 175-204, mars et j.
    2. V. Bhaskar, 2002. "On Endogenously Staggered Prices," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 69(1), pages 97-116.
    3. Boschen, John F. & Mills, Leonard O., 1995. "Tests of long-run neutrality using permanent monetary and real shocks," Journal of Monetary Economics, Elsevier, vol. 35(1), pages 25-44, February.
    4. Louis Phaneuf & Steve Ambler, 1994. "Modèles du cycle économique et marché du travail," Revue Économique, Programme National Persée, vol. 45(4), pages 1065-1078.
    5. Taylor, John B., 1999. "Staggered price and wage setting in macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 15, pages 1009-1050, Elsevier.
    6. Ascari, Guido & Garcia, Juan A., 2004. "Relative wage concern: the missing piece in the contract multiplier?," Research in Economics, Elsevier, vol. 58(4), pages 343-369, December.

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