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Nominal Wage Determination in Ten OECD Economies

Author

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  • David T. Coe

    (OECD)

  • Francesco Gagliardi

    (OECD)

Abstract

The importance of wages in the analysis and forecasting of macroeconomic developments needs no emphasis. Nominal wage inflation is a crucial component of price inflation, while real wages importantly influence the demand for labour and for other factors of production. More generally, the way in which nominal wages are set is an important determinant of whether or not there is any short- or longer-run trade off between inflation and employment. The way that wages evolve in the current situation of recovering output and profits, where inflation has declined and unemployment remains high, will be critical in determining whether there are pressures which might contribute to a resurgence of inflation. This paper analyses the historical determinants of nominal wages in ten OECD economies and considers the implications for future wage, and hence inflation, developments. The Phillips curve represents a dynamic adjustment process of nominal wages to equilibrium and disequilibrium phenomena ...

Suggested Citation

  • David T. Coe & Francesco Gagliardi, 1985. "Nominal Wage Determination in Ten OECD Economies," OECD Economics Department Working Papers 19, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:19-en
    DOI: 10.1787/543148520161
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    Cited by:

    1. Ernesto Screpanti, 1996. "A Pure Insider Theory of Hysteresis in Employment and Unemployment," Review of Radical Political Economics, Union for Radical Political Economics, vol. 28(4), pages 93-112, December.
    2. Möller, Joachim, 1988. "Identifying the causes of unemployment: Estimation and control of a small macroeconomic model," Discussion Papers, Series I 236, University of Konstanz, Department of Economics.
    3. Coe, David T, 1985. "Nominal Wages, the Nairu and Wage Flexibility," MPRA Paper 114295, University Library of Munich, Germany.
    4. Jeffrey Sachs, 1986. "High Unemployment in Europe: Diagnosis and Policy Implications," NBER Working Papers 1830, National Bureau of Economic Research, Inc.
    5. Harris, Richard G. & Kwakwa, Victoria, 1989. "The 1988 Canada-United States Free Trade Agreement: A Dynamic General Equilibrium Evaluation of the Transition Effects," Queen's Institute for Economic Research Discussion Papers 275215, Queen's University - Department of Economics.
    6. Michael C. Burda & Jeffrey D. Sachs, 1987. "Institutional Aspects of High Unemployment in the Federal Republic of Germany," NBER Working Papers 2241, National Bureau of Economic Research, Inc.

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