The Wage Curve: Comparison between a Set of Industrialized Countries
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TexteLangue : français Détails de publication : 2001.
Ressources en ligne : Abrégé : This paper offers a systematic comparison of wage formation in industrialised countries. A wage curve with nominal rigidities is calculated for a panel of 16 countries according to a specific method based on GMM and factor analysis. Firstly, we show that the employment rate is a better indicator of labour market tensions than the unemployment rate. Secondly, we demonstrate that the main difference across countries is the reaction of the wage rate to changes in productivity and the employment rate. Thirdly, we find evidence of some nominal rigidity in wage behaviour and of a small but positive effect of the wedge on labour cost.
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This paper offers a systematic comparison of wage formation in industrialised countries. A wage curve with nominal rigidities is calculated for a panel of 16 countries according to a specific method based on GMM and factor analysis. Firstly, we show that the employment rate is a better indicator of labour market tensions than the unemployment rate. Secondly, we demonstrate that the main difference across countries is the reaction of the wage rate to changes in productivity and the employment rate. Thirdly, we find evidence of some nominal rigidity in wage behaviour and of a small but positive effect of the wedge on labour cost.
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