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Price-Wage Dynamics is A Transition Economy: The Case of Poland

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  • R. Golinelli
  • R. Orsi

Abstract

In this paper we analyse the wage price relationship of an economy in transition characterized by important structural changes. It is known (see Perron 1989) that structural breaks in stationary time series can induce apparent unit roots. The stationarity analysis of the series employed in the present model is conducted jointly with the assumption that the breakpoint location is unknown. We follow a testing procedure recently proposed by Zivot and Andrews (1992). Cointegration analysis of wages and prices in presence of structural breaks permits to find empirical evidence in favour of two cointegration vectors involving prices and wages. Our analyses faces on the different structural behavior of price-wage dynamic relationship in the short and long run; we also enuncleate the relative importance of import prices as a source of wage-price short run fluctuations.

Suggested Citation

  • R. Golinelli & R. Orsi, 1994. "Price-Wage Dynamics is A Transition Economy: The Case of Poland," Working Papers 192, Dipartimento Scienze Economiche, Universita' di Bologna.
    • Handle: RePEc:bol:bodewp:192
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    1. Marcellino, Massimiliano & Mizon, Grayham E., 2000. "Modelling shifts in the wage-price and unemployment-inflation relationships in Italy, Poland and the UK," Economic Modelling, Elsevier, vol. 17(3), pages 387-413, August.
    2. Marcellino, Massimiliano & Mizon, Grayham E., 2000. "Modelling shifts in the wage-price and unemployment-inflation relationships in Italy, Poland and the UK," Economic Modelling, Elsevier, vol. 17(3), pages 387-413, August.
    3. Qizilbash, M., 1994. "Decisions and moral character," Discussion Paper Series In Economics And Econometrics 9417, Economics Division, School of Social Sciences, University of Southampton.
    4. Mateos-Planas, X., 1998. "Education, technology adoption and productivity," Discussion Paper Series In Economics And Econometrics 9817, Economics Division, School of Social Sciences, University of Southampton.
    5. Chiarini, B., 1993. "Persistence, comovement and common trends: an empirical study of disaggregated Italian output and labour input," Discussion Paper Series In Economics And Econometrics 9317, Economics Division, School of Social Sciences, University of Southampton.
    6. Sujoy Mukerji, 1996. "Understanding the nonadditive probability decision model (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 9(1), pages 23-46.
    7. Hendricks, K. & Piccione, M. & Tan, G., 1997. "Equilibria in networks," Discussion Paper Series In Economics And Econometrics 9717, Economics Division, School of Social Sciences, University of Southampton.
    8. Mohieldin, M. & Wahba, J., 1996. "The Urguay Round and trade in financial services in the Arab countries," Discussion Paper Series In Economics And Econometrics 9617, Economics Division, School of Social Sciences, University of Southampton.
    9. Marek Dabrowski, 1999. "Disinflation, Monetary Policy and Fiscal Constraints. Experience of the Countries in Transition," CASE Network Reports 0016, CASE-Center for Social and Economic Research.
    10. Sola, M. & Ravn, M.O., 1992. "The use of recursive variance plots: a note," Discussion Paper Series In Economics And Econometrics 9217, Economics Division, School of Social Sciences, University of Southampton.

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