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Finance & Development, March 2009

By Jeremy Clift and Internation International Monetary Fund

INTERNATIONAL MONETARY FUND
Publication date: March 2009

ISBN: 9781455289950

Digital Book format: PDF (Adobe DRM)

This paper analyzes wage- and price-setting relations in new EU member countries. Panel estimates indicate a strong and significant relationship between real wages and labor…Read More »

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Finance & Development PDF (Adobe DRM)

by: Jeremy Clift and Internation International Monetary Fund

This paper analyzes wage- and price-setting relations in new EU member countries. Panel estimates indicate a strong and significant relationship between real wages and labor productivity, as well as evidence of wage pass-through to inflation. Terms of trade shocks do not feed through to real wages. Country-specific wage developments, beyond differences in labor productivity growth, are mostly explained by real wage catch-up from different initial levels and different labor market conditions. Qualitative evidence also suggests that public sector wage demonstration effects and institutional factors may play a role in wage determination.

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