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El Ajuste al Equilibrio a Largo Plazo de los Salarios en España

Author

Listed:
  • Jose Aixala

    (Universidad de Zaragoza)

  • Carmen Pelet

    (Universidad de Zaragoza)

Abstract

This paper provides empirical evidence about the relationship between wages and their determinants in the Spanish economy from a macroeconomic perspective, as well as about the adjustment speed back to long run equilibrium, estimating an error correction mechanism by non-linear methods. The results reveal that the unemployment rate and the bargaining variables have nox effect on the evolution of wages. The variable that explains the evolution of wages in the long term is prices, with wages showing slightly inflationary behavior. In the short term, wages are explained by their past values, reflecting a nominal inertia.

Suggested Citation

  • Jose Aixala & Carmen Pelet, 2013. "El Ajuste al Equilibrio a Largo Plazo de los Salarios en España," Revista de Analisis Economico – Economic Analysis Review, Universidad Alberto Hurtado/School of Economics and Business, vol. 28(1), pages 3-24, April.
    • Handle: RePEc:ila:anaeco:v:28:y:2013:i:1:p:3-24
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    More about this item

    Keywords

    Wages; unemployment; productivity; institutional framework; time series;
    All these keywords.

    JEL classification:

    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J59 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Other
    • J69 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Other

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