Autore
Sideris, Dimitrios

Titolo
The wage-price spiral in Greece: an application of the LSE methodology in systems of nonstationary variables
Periodico
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1996 - Fascicolo: 26 - Pagina iniziale: 1 - Pagina finale: 56

Wage and price determination in Greece is investigated empirically in the context of a closed system during the period 1975-1990. The analysis adopts the “general to specific” methodology, in which the time dependence properties of the series play an important role. After a univariate analysis of the data series with emphasis given to their seasonal behaviour, a multivariate cointegration technique leads to the identification of one long run relationship among the series analysed: a real wage - productivity relationship, with positive unemployment effects. A theoretically reasonable simultaneous equation model (SEM) is finally established by testing for congruence and encompassing against a congruent vector autoregression (VAR) which incorporates the elevant long-run information and is shown to provide better forecasts than a VAR in differences model which constitutes a strong rival model.



Testo completo: http://hdl.handle.net/1814/598

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